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PBGC Urges More Transparency In Northwest Case

Law360 (March 26, 2007, 12:00 AM EDT) -- Concerned that Northwest’s creditors don't realize what they're getting into, the Pension Benefit Guaranty Corp. is pushing the bankruptcy court to delay approving the airline’s disclosure statement until it spells out the billions of dollars in pension liabilities that the creditors will be forced to assume.

On Friday, the federal pension insurer argued in court papers that Northwest’s creditors are not aware of the staggering legacy obligations that they will be required to accept if the airline’s current Chapter 11 plan is approved.

“The disclosure statement...
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