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LTV TO EXIT CHAPTER 11 IN JUNE

With long-sought approval of its Chapter 11 reorganization plan in hand, LTV Corp. says it will emerge from federal bankruptcy court by the end of June.

LTV, which at one time owned Sierra Research in Cheektowaga and the former Republic Steel operations in South Buffalo, would leave court within a month of the seven-year anniversary of its July 1986 filing for protection from creditors.

Delayed by a dispute over LTV's underfunded pensions that reached the U.S. Supreme Court, the reorganization has been one of the longest and most complex cases in the history of the American bankruptcy code.

U.S. Bankruptcy Court Judge Burton R. Lifland signed the order approving the plan Wednesday night after overruling objections from a handful of the company's creditors.

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