Bankruptcy Court establishes procedures for Bethlehem sale

Bankruptcy Court establishes procedures for Bethlehem sale

For the sale of Bethlehem Steel assets, the Bankruptcy Court has outlined the procedures for the sale of substantially all assets to the International Steel Group. ISG's $1.5 billion bid is currently subject to a higher or better bid. An auction for the sale will be conducted on April 16, 2003 as ordered by the Bankruptcy Court. Following the auction, a hearing to approve ISG's bid or a higher or better bid, if any, will be held on April 22, 2003. As determined by the Bankruptcy Court, a rival offer must be at least $15 million higher than ISG offer, must involve a $27 million break-up fee payable to ISG and must contain a cash payment of up to $5 million to ISG for its out-of-pocket expenses, to be considered qualified. The sale of Bethlehem is expected to be complete during second quarter of 2003, in case necessary approval is received during the hearing of April 2003.