Wheeling-Pittsburgh board replacement could prompt change-of-control default on loans

By Caroline Salls

Pittsburgh, Nov. 15 - Wheeling-Pittsburgh Corp. said a replacement of a majority of its board of directors constitutes a change of control under its $250 million term loan and $225 million revolving credit facility that would prompt a default on those loans, according to a company news release.

If a default occurs, the company said the loans would become immediately due and payable.

Wheeling-Pittsburgh is a Wheeling, W. Va.-based steel and steel products company.

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