PBGC Stands To Recover $56.2M In Oneida Bankruptcy

Law360, New York (May 8, 2006, 12:00 AM EDT) -- A proposed settlement agreement in the reorganization proceedings of flatware manufacturer Oneida Ltd. may result in a $56.2 million unsecured claim for federal pension insurer Pension Benefit Guaranty Corp. if a federal judge approves the deal.

Oneida has already won court approval to abandon its main pension plan, allowing the struggling company to dump responsibility for more than 1,800 participants onto the beleaguered, government-backed PBGC.

The company’s primary defined-benefits pension plan covers 862 active employees, 634 retirees and 382 former employees and is estimated to be...
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