Judge Endorses Collins & Aikman, PBGC Deal

Law360, New York (May 2, 2007, 12:00 AM EDT) -- A federal bankruptcy judge has given the green light to a $96 million pact between the Pension Benefit Guaranty Corp. and bankrupt Collins & Aikman Corp., in an effort to save pensions from fizzling away as the auto parts supplier starts to liquidate.

On Monday, U.S. Bankruptcy Judge Rhodes signed off on the agreement, which is expected to play a key role in the company’s plan to pay off its creditors.

The PBGC first decided to step in and assume Collins & Aikman Corp.'s pension plan...
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