S&P cuts WHX debt to D

Standard & Poor's said it lowered its corporate credit and senior unsecured debt ratings on WHX Corp. to D from CCC- and C, respectively, following the company's recent announcement that it has filed a voluntary petition to restructure under Chapter 11 of the Bankruptcy Code.

S&P said WHX filed for bankruptcy protection due to its inability to refinance its 10½% senior notes maturing on April 15, 2005 ($92.8 million were outstanding as of Sept. 30, 2004).

In its bankruptcy filing, S&P said WHX has proposed a plan to recapitalize the company and address its upcoming debt maturity, which includes offering shares of common stock in the newly reorganized company to holders of the company's debt and preferred shares.

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