On September 13, Geneva Steel Holdings Corp. and five of its direct and indirect subsidiaries filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code.
In January 2002, Geneva Steel LLC, a wholly owned subsidiary of the company, also filed a Chapter 11 Bankruptcy proceeding. These filings in the U.S. Bankruptcy Court for Utah, Central Division, were made by the company to provide the company the necessary time to stabilize the Company's finances.
The subsidiaries include Vineyard Iron, an iron mine, Williams Farm, which holds property across the street from the mill and two entities that are involved in developing a cokeless iron-making process.
The company is hoping to arrange a $250 million loan backed by the federal government's Emergency Steel Loan Guarantee Program.
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