Bankrupt Revstone Reaches Deal Over $95M In PBGC Claims

Law360, Wilmington (February 14, 2014, 8:44 PM EST) -- Bankrupt auto parts conglomerate Revstone Industries LLC announced Friday that it had struck a deal with the largest creditor in its case, the Pension Benefit Guaranty Corp., to resolve more than $95 million in pension-related claims against the debtor and affiliates, marking “a critical turning point” in the 14 month-long Chapter 11.

In a motion before the Delaware bankruptcy court, Revstone said that PBGC would accept a projected recovery of $82 million — with a guarantee it would get at least $80 million — on an...
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