Business Services Industry
U.S. Agency Seeks Takeover of Wheeling-Pittsburgh Steel Pensions.
Knight Ridder/Tribune Business News, March, 2003
By Len Boselovic, Pittsburgh Post-Gazette Knight Ridder/Tribune Business News
Mar. 8--In another sign the days of bankrupt Wheeling-Pittsburgh Steel may be numbered, the Pension Benefit Guaranty Corp. yesterday sought permission to terminate, or take over, the underfunded pension plan covering its workers.
The moves comes a week after Wheeling-Pitt failed to win approval for a $250 million federally guaranteed loan the steelmaker says is crucial to its survival.
If a bankruptcy court judge approves the request, the PBGC -- already encumbered with paying billions of dollars of pension benefits to workers and retirees of failed steelmakers and airlines -- will avoid up to $378 million in additional liabilities for pension benefits...
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