PBGC Rips Revstone Creditors' 'Wasteful' Bid To Oust It

Law360, Wilmington (April 24, 2014, 4:01 PM EDT) -- The Pension Benefit Guaranty Corp. pushed back Wednesday against an attempt to kick it off the unsecured creditors committee for its proposed deal to settle $95 million in pension-related claims in the Revstone Industries LLC bankruptcy, calling the move “wasteful and unproductive.”

In a motion before the Delaware bankruptcy court, PBGC said that if its settlement with the auto parts conglomerate to resolve the pension claims gets the go-ahead, PBGC is going to resign from the committee anyway, mooting any internal conflict that would hamper the...
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