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PBGC To Pick Up Collins & Aikman’s Pension Tab

Law360 (April 2, 2007, 12:00 AM EDT) -- The Pension Benefit Guaranty Corp. has decided to step in and assume the pension plan of Collins & Aikman Corp., with the beleaguered auto supplier suffering from a $181 million shortfall regarding its legacy obligations.

On Friday, the federal pension insurer revealed that it planned to take over Collins & Aikman’s plan, which covers an estimated 21,000 employees and retirees.

The Collins & Aikman plan, which terminated on March 31, was only 58% funded, with just $253 million in assets available to cover $434 million in...
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