PBGC, Collins & Aikman Reach Pension Settlement

Law360, New York (April 16, 2007, 12:00 AM EDT) -- The Pension Benefit Guaranty Corp. has reached a $96 million pact with bankrupt Collins & Aikman Corp. to guarantee that pensioners will not see their pensions fizzle into nothing, even as the auto parts company decides to liquidate.

The company and the PBGC are now seeking approval of the settlement, which will play a key role in the company’s plan to pay off its creditors, Collins & Aikman said in court papers on Friday.

The PBGC first decided to step in and assume Collins & Aikman...
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