Cerberus Capital Management, the private equity manager buying DaimlerChrysler AG’s North American Chrysler operations, agreed to contribute $200 million more than the minimum legal funding requirement to Chrysler’s pension plans over the next five years, and Daimler has said it would contribute $1 billion if the plans terminate within five years, according to a statement today from Vincent Snowbarger, interim director of the PBGC.
“Both Daimler and Cerberus have made significant financial commitments to strengthen Chrysler pensions,” Mr. Snowbarger said in the statement.
Chrysler had $24.6 billion in pension assets as of Dec. 31, and $22.6 billion in pension obligations.
