PBGC Seeks To Preserve Lien In Crucible Asset Sale

Law360, New York (September 17, 2009, 1:09 PM EDT) -- The Pension Benefit Guaranty Corp. has asked a court to ensure that the sale of the assets of bankrupt Crucible Materials Corp. does not jeopardize the pension insurer’s recovery of certain contribution shortfalls, raising a concern that Crucible hopes to resolve, an attorney for the debtor said.

The PBGC filed a limited objection to the proposed asset sale on Wednesday in the U.S. Bankruptcy Court for the District of Delaware, noting that it already has a lien on stock of one of Crucible’s subsidiaries, Crucible Development...
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