The PBGC filed $142 million in claims in U.S. Bankruptcy Court on behalf of the participants of the pension plans of Techneglas Inc., Columbus, Ohio, said Jeff Speicher, a PBGC spokesman. Techneglas, which makes glass for flat-panel televisions and LCD devices, filed for bankruptcy in Columbus last month. Mr. Speicher said "it remains to be seen" whether the PBGC will have to assume pension obligation benefit payments for the two plans. "We're the insurer of last resort. I don't know if the company intends to liquidate," said Mr. Speicher. According to the company's financial documents, it has close to $500 million in pension assets.
Techneglas hired CB Richard Ellis, a real estate valuation firm in Los Angeles, to assist in selling some of its properties, including its plant in Jenkins Township, Ohio. David Eaton, an attorney for Techneglas, said the company "intends to survive," but he declined to give further details.
