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