Nearly five years after seeking Chapter 11 protection, LTV, the steel and aerospace giant, filed a reorganization plan on May 1 that would give unsecured creditors stock in the reorganized company. But there are still plenty of hurdles. For starters, LTV must reach a final agreement on its long-running pension dispute with the Pension Benefit Guaranty Corp. and negotiate a new contract with the United Steelworkers. Under a preliminary pact with the PBGC, LTV initially would contribute $880 million to three restored pension plans and make further contributions starting in 1993.

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