RG Steel owner Renco sued for $97.2M

Jan 31, 2013 | 02:18 PM | Catherine Ngai

Tags  Renco, PBGC, RG Steel, bankruptcy, Ira Rennert, Catherine Ngai

NEW YORK — The Pension Benefit Guaranty Corp. (PBGC) has filed a $97.2-million lawsuit against RG Steel LLC parent Renco Group Inc.

Renco sold 24.5 percent of its ownership in the now-bankrupt steelmaker to Cerberus Capital Management LP in January 2012 in an effort to avoid meeting pension payment obligations, the lawsuit filed in U.S. District Court in New York claims.....





Latest Pricing Trends

Poll

Are you stocking more inventory today than 18 months ago?

Yes
No


View previous results