Interstate Bakeries Reaches Settlement With Pension Plan

Law360, New York (October 24, 2006, 12:00 AM EDT) -- Interstate Bakeries Corp. has reached a deal with one of its pension plans that will save the bankrupt snack cake maker $17.9 million.

The company has agreed to pay the Central States Southeast and Southwest Area’s Pension Fund, which covers 3,400 of its workers, $1.1 million to resolve the fund’s $16 million claim against the baker.

In return, the fund will allow Interstate to skip its required contributions for the next three years.

Interstate initiated settlement talks out of a need to stem the rising costs...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.