PBGC Seeks $1M From Sale Of Constar's Dutch Unit

Law360, Wilmington (February 6, 2014, 8:49 PM EST) -- The Pension Benefit Guaranty Corp. said Thursday that bankrupt bottle maker Constar International Holdings LLC must turn over the first $1.1 million raised by the sale of equity in its nondebtor Dutch subsidiary to account for missed pension payments by that unit.

The PBGC, which plans to terminate Constar's underfunded pension plan, said the failure of Constar International Holland (Plastics) BV to make its minimum funding contributions gives the corporation a higher priority claim on the unit than the debtor, according to an objection filed in...
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