PBGC To Assume $153M Of Metaldyne Pension Plan

Law360, New York (July 31, 2009, 5:52 PM EDT) -- The Pension Benefit Guaranty Corp. has announced that it is assuming responsibility for the pension plan for the workers and retirees of bankrupt auto parts supplier Metaldyne Corp., putting the pension insurance agency on the hook for most of a shortfall of more than $150 million.

On Friday, the PBGC announced its intent to assume the plan on Friday ahead of a series of asset sales pending in the company’s Chapter 11 filing in the U.S. Bankruptcy Court for the Southern District of New York....
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