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.....

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