PBGC Wants Firm Stake In Revstone Aluminum Unit Sale

Law360, New York (May 24, 2013, 4:59 PM ET) -- The Pension Benefit Guaranty Corp. asked a Delaware bankruptcy court to secure its stake in Revstone Industry LLC’s proposed sale of an aluminum forging affiliate’s assets Thursday, saying the sale plan fails to consider the interest of two pension plan creditors.

The agency, which is tasked with administering the U.S.’s pension insurance program, says the Hillsdale Hourly Pension Plan and the Hillsdale Salaried Pension Plan are owed more than $3 million from Greenwood Forgings LLC, and the proposed sale of that company's assets could harm the...
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