LOS ANGELES -- The Informal Committee of Senior Secured Noteholders of Weirton Steel Corp. submitted a bid yesterday to acquire the assets of Weirton Steel Corp. The bid contains substantially the same terms and conditions as the offer previously submitted by ISG Weirton Inc. and International Steel Group.On Feb. 18, Weirton Steel announced an agreement to sell substantially all of its assets to Cleveland-based International Steel Group Inc. for approximately $255 million, consisting of cash and the assumption of liabilities (read story), but the transaction is subject to approval by bankruptcy court.The noteholders' group had asked the court to postpone the sale of Weirton assets by a few weeks, but that request was denied on April 5. The bidding deadline was 4 p.m. yesterday.The total consideration being offered for the assets is $261.24 million, consisting of cash in the amount of $138.74 million, $97 million of assumed liabilities and a credit bid of $25.5 million. The bid is to be financed by a $200 million secured revolving credit facility agented by Deutsche Bank Trust Co. Americas and Deutsche Bank Securities Inc., a $50 million secured senior note facility provided by certain funds managed by Post Advisory Group LLC and a $15 million unsecured line of credit from Special Credit Opportunity Ltd.The offer was made in conjunction with J.P. Morgan Trust Co., National Association, solely in its capacity as indenture trustee for the 10% Senior Secured Notes Due 2008 issued by Weirton Steel Corp., indenture trustee for the Secured Pollution Control Revenue Refunding Bonds Series 2002.After a noteholder acquisition, the company would have a strong balance sheet and possess the financial resources to both re-invest in the existing facilities and to seek out new avenues of growth, the noteholders' group says. Weirton's experienced and highly skilled work force, and its position as the second largest tin producer in the United States are indications that the company can successfully meet the challenges of today's steel industry.By remaining independent and working with its customers, vendors and the local community, the company would have the potential to help develop new sources of critical raw materials used in the steelmaking process, and thereby ameliorate some of the difficulties the company has encountered in recent times, the noteholders' group says. Such activities would help to keep steel production in West Virginia for many years to come while also benefiting a broadest range of Weirton constituents.The Noteholders Committee is being advised in connection with the transaction by Imperial Capital LLC and Hatch Consulting.apacity as indenture trustee for the 10% Senior Secured Notes Due 2008 issued by Weirton Steel Corp., indenture trustee for the Secured Pollution Control Revenue Refunding Bonds Series 2002. After a noteholder acquisition, the company would have a strong balance sheet and possess the financial resources to both re-invest in the existing facilities and to seek out new avenues of growth, the noteholders' group says. Weirton's experienced and highly skilled work force, and its position as the second largest tin producer in the United States are indications that the company can successfully meet the challenges of today's steel industry.By remaining independent and working with its customers, vendors and the local community, the company would have the potential to help develop new sources of critical raw materials used in the steelmaking process, and thereby ameliorate some of the difficulties the company has encountered in recent times, the noteholders' group says. Such activities would help to keep steel production in West Virginia for many years to come while also benefiting a broad range of Weirton constituents.The Noteholders Committee is being advised in connection with the transaction by Imperial Capital LLC and Hatch Consulting.A hearing is scheduled for April 14 to finalize the sale of Weirton assets."