Wheeling-Pittsburgh's reorganization plan approved by court

By Carlise Newman

Chicago, June 18 - Wheeling-Pittsburgh Corp.'s reorganization plan has been approved by the court. The approval sets the stage for the company's emergence from Chapter 11 bankruptcy protection.

The plan had previously been approved by substantial majorities of the company's creditors entitled to vote on the plan.

Wheeling-Pittsburgh filed for Chapter 11 bankruptcy protection in November 2000. In September 2002, Royal Bank of Canada filed an application on behalf of the company with the emergency steel loan guarantee board to obtain a $250 million federal steel loan guarantee. The application for the loan guarantee was approved in March 2003.

Wheeling-Pittsburgh is a Wheeling, W. Va.-based steelmaker.

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