PBGC Settles ERISA Dispute With Crucible Materials

Law360, New York (June 30, 2010, 3:42 PM EDT) -- The Pension Benefit Guaranty Corp. has reached a settlement with Crucible Materials Corp. and its committee of unsecured creditors over funding for the now-defunct metal supplier's six pension plans.

The debtor filed a motion Tuesday asking the U.S. Bankruptcy Court for the District of Delaware to approve the settlement, which reduces the PBGC's claims against Crucible by $87 million.

Under a stipulation agreed to by the PBGC, the debtor and the committee, PBGC will have an allowed general unsecured claim against the debtor's estates for $131.3...
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