Young Must Disclose Pension Liabilities: PBGC

Law360, New York (October 29, 2009, 3:17 PM EDT) -- The Pension Benefit Guarantee Corp. has objected to Young Broadcasting Inc.'s Chapter 11 disclosure statement, claiming it doesn't tell creditors that Young may end up liable to the federal pension insurer for over $6.5 million if it terminates its employee pension plan.

The PBGC filed an objection Wednesday in the U.S. Bankruptcy Court for the Southern District of New York, asking the court to add new language to the disclosure statement to make clear that, if Young terminates the pension plan it provides for employees represented...
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