Oneida Wins Approval To Void Pension Plan

Law360, New York (May 3, 2006, 12:00 AM EDT) -- A federal bankruptcy judge has granted Oneida Ltd. permission to abandon its main pension plan, allowing the struggling flatware maker to dump responsibility for more than 1,800 participants onto the beleaguered, government-backed Pension Benefit Guaranty Corp.

On Tuesday, Judge Allan L. Gropper of the U.S. Bankruptcy Court in Manhattan ruled that the chances of Oneida successfully emerging from bankruptcy were slim if the company remained liable for its daunting legacy obligations.

"Unless the Oneida plan is terminated, (Oneida would) be unable to pay all the debts...
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