Wheeling-Pittsburgh has been in reorganization proceedings under Chapter 11 of the Federal Bankruptcy Code since 1985 and faces $1.2 billion in creditor claims.

Miller & Rhoads Inc., a century-old regional department store chain battered by creditor claims, filed for Chapter 11 bankruptcy protection.

A year ago, bondholders of First Republicbank Corporation were wiped out when the F.D.I.C. seized its 40 banks, leaving few assets for creditor claims.

The company assets in the Netherlands were liquidated in January 2010 with an auction raising Euro 400,000 against creditor claims for Euro 28.3 million.

He added that creditor claims would be decided by the Guangdong Supreme Court, though in China most courts take advice from Beijing on important cases.

The bankruptcy court could rule that the potentially huge payment has priority over other creditor claims.

Documents list creditor claims totaling $4.2 million.

Although it is technically still the company's money, and thus subject to creditor claims, the account is considered safer than relying solely on a company's promise to pay.

LTV, the second-largest steel company after the USX Corporation, has about $6 billion in liabilities and 32,000 creditor claims.

The final $2.5 million in creditor claims will be paid over the next three years.