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SALT LAKE CITY (AP) -- Geneva Steel Corp. will pay creditors little more than a quarter of what they're owed, according to a plan approved by a bankruptcy judge.
It also will pay 3(M) million in overdue wages and benefits to more than 300 employees by the end of the year.
US Bankruptcy Judge Glen Clark approved the liquidation plan yesterday.
Geneva filed for Chapter 11 bankruptcy in 1999, only to emerge from that filing to again seek a bankruptcy court reorganization two years later.
The company couldn't revive itself and liquidated the Utah County mill.
The plant shut down in 2001, and its main stacks were demolished in 2005.
The property is being redeveloped.
(Copyright 2006 by The Associated Press. All Rights Reserved.)
