Tom's Foods Inc., Columbus, Ga., applied with the PBGC for a distress termination of the company's pension plan, said Jeffrey Speicher, a PBGC spokesman. The agency has filed a claim for about $43 million in unfunded liabilities, Mr. Speicher said. He did not have figures for the plan's assets and liabilities. Officials at Tom's Foods did not return calls by press time seeking comment.
According to Money Market Directory, the company's pension plan had about $51.1 million in assets as of July 2003. The company filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court in Macon, Ga., in April. Termination of the pension plan remains subject to bankruptcy court approval.