PBGC has taken over the underfunded pension plan of McCulloch North...

PBGC has taken over the underfunded pension plan of McCulloch North America, a bankrupt Tucson, Ariz., maker of chainsaws and related tools that shut its doors in January and is liquidating. The plan, with assets of $32 million, is underfunded by about $7 million and was shut down effective Oct. 29, 1997, under an agreement with the PBGC.