IN RE SHARON STEEL CORP.

Bankruptcy Nos. 92-10958, 92-10959 and 92-10961, Motion No. PRB-5.

206 B.R. 776 (1997)

In re SHARON STEEL CORPORATION, et al., Debtors. Richard L. ARTHUR, William H. Beachler, Mary Grace Blair, Lori A. Darby, Susan L. Generalovich, Carmen P. Giancola, James M. Greer, Richard A. Herman, Ralph W. Huff, Robert A. Kane, Jo Daniel Keeler, James M. Larocca, John H. Schuller, William H. Super, Peter J. Walsh, and Michael A. Yaksich, Movants, v. SHARON STEEL CORPORATION and Citibank, N.A. for Itself and as Agent for Lenders, Respondents.

United States Bankruptcy Court, W.D. Pennsylvania.

March 26, 1997.


Attorney(s) appearing for the Case

P. Raymond Bartholomew, Hermitage, PA, for Movants.

Herbert P. Minkel, Jr., Boston, MA, for Debtors.

Amy M. Tonti, Pittsburgh, PA, for Citibank, N.A.

Philip E. Beard, Pittsburgh, PA, for Official Committee of Unsecured Creditors.

United States, Trustee, Pittsburgh, PA.


OPINION1

WARREN W. BENTZ, Bankruptcy Judge.

Introduction

On November 30, 1992 ("Petition Date"), Sharon Steel Corporation ("Debtor") filed its voluntary Petition for relief under Chapter 11 of the Bankruptcy Code. Citibank, N.A. for itself and as Agent for Lenders ("Citibank") holds a security interest in substantially all of the Debtor's assets. As of the Petition Date, Citibank was owed approximately...

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