Werner Creditors, PBGC Bury The Hatchet

Law360, New York (October 9, 2007, 12:00 AM EDT) -- Werner Holding Co.'s unsecured creditors have hammered out a deal with the Pension Benefit Guaranty Corp. over the millions it wanted for the ladder maker's employees' pensions, with the committee acceding to the claims but knocking them down to nonpriority status.

Earlier in the bankruptcy, the creditors committee had objected to the federal agency's bid for funds, saying it didn't deserve the priority it was seeking in the pecking order of those the defunct ladder maker's owed.

But with the motion and proposed stipulation it filed...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.