We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

PBGC To Pick Up Oneida’s Pension Tab

Law360 (September 7, 2006, 12:00 AM EDT) -- Already stretched to the breaking point, the Pension Benefit Guarantee Corp. has taken over the pension plan of bankrupt flatware maker Oneida Ltd., dumping responsibility for nearly 1,900 workers and retirees onto the government-backed insurer.

The agency announced the move on Thursday, explaining that Oneida’s pension plan is suffering from a $50.4 million shortfall.

The news comes barely a week after a federal judge approved Oneida’s reorganization plan over the objections of the company’s shareholders, who will be left with nothing when the flatware maker emerges...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.