The PBGC will ask the U.S. District Court in Brooklyn, N.Y., next week to terminate Anchor Glass Container Corp.'s three pension plans, which are underfunded by about $185 million.
The agency wants to become trustee to the plans, which cover 15,600 workers and retirees. The Tampa glass container manufacturer filed for Chapter 11 bankruptcy protection in September and is in the process of selling its assets. The PBGC believes Consumers Packaging Co., Toronto, which is buying most of the company, won't be able to support the plans.
