PBGC To Bridge $46M Gap In Revstone Unit's Pension Plan

Law360, Wilmington (March 1, 2013, 7:09 PM EST) -- The Pension Benefit Guaranty Corp. said Friday that it is stepping in to cover a $46 million hole in the pension plan of auto parts supplier Metavation LLC, a nondebtor affiliate of bankrupt Revstone Industries LLC.

The PBGC acted due to concerns over Revstone's plan to sell its stake in Southfield, Mich.-based Metavation, which owes retirement benefits to over 1,500 current and future retirees, according to a statement from the agency.

"The transaction will further compromise Metavation's underfunded pension plans, which will be unable to pay...
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