The PBGC took over the underfunded pension plans of bankrupt textile...

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.