Mayer Quoted in Article On WCI Steel Pension Battle

Corporate Restructuring and Bankruptcy partner Thomas Moers Mayer was quoted in a Business Journal article on the dispute over pensions as part of the on-going restructuring of WCI Steel. Noteholders have proposed to have WCI and its parent company, Renco, assume responsibility of pension payments covering retirees who have already left WCI. Representing the noteholders, Mayer says that since their first revised filing for WCI, they have found a way to pass the pension costs to Renco, and that the United Steel Workers of America agreed with it. Renco is disputing this latest revision, and has asked for more time for review before the deadline for filing objections and the start of confirmation hearings. Mayer says that under law, Renco will ultimately be forced to accept the new pension payment plan.