PBGC To Pick Up Oneida’s Pension Tab

Law360, New York (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...
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