P.M. BRIEFING : Steel Firm Creditor Pact Near

An attorney involved in the 5-year-old reorganization of Wheeling-Pittsburgh Steel Corp. has announced a major breakthrough with a tentative agreement among lawyers to submit only one plan to creditors.

Lawyers for the steelmaker, creditors and a New York investment firm reached the compromise Thursday just 15 minutes before the start of a U.S. Bankruptcy Court hearing. The agreement is contingent upon approval by their clients.

“This is a major step forward, no question about it,” said Lawrence Handelsman, an attorney representing creditors with unsecured company debt. “If everything works as we hope, it will be supported by all major parties in the case.”