The PBGC took over the underfunded pension plans of bankrupt textile manufacturer Westpoint Stevens Corp., West Point, Ga. The pension plans for hourly and salaried workers are 46% funded, with a combined $260 million in assets and $566 million in liabilities. The company filed for bankruptcy June 1, 2003. Its assets were sold to a group led by Carl Icahn; the sale closed on Aug. 8. Under the terms of the purchase, the buyers did not assume liability for the pension plans.