PBGC Rips Harry & David Bid To Terminate Pension Plan

Law360, Wilmington (June 8, 2011, 7:29 PM EDT) -- The Pension Benefit Guaranty Corp. balked at Harry & David Holdings Inc.’s bid to terminate its pension plan Tuesday, saying the bankrupt fruit basket purveyor has yet to show that the pension liabilities will undermine its reorganization if left in place.

In order to prove that a distress termination of the pension plan is warranted under the Employee Retirement Income Security Act, Harry & David must show that is has explored all reasonable measures to salvage the plan and that the company will be unable to...
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