Marcal Lowers Fists In Fight With PBGC

Law360, New York (July 16, 2007, 12:00 AM EDT) -- Bankrupt paper company Marcal Paper Mills Inc. has settled its dispute with the U.S. Pension Benefit Guaranty Corp., pledging to fully fund its pension plan in exchange for the government insurer agreeing to drop its administrative claims.

On Friday, Judge Morris Stern of the U.S. Bankruptcy Court for the District of New Jersey signed off on the deal, with the PBGC agreeing to withdraw its multiple claims against the paper giant's estate.

The dispute dates back to early May when the PBGC filed a slew of...
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