The PBGC today took over the pension plan sponsored by Milacron Inc., Batavia, Ohio, which is in Chapter 11 bankruptcy protection.
Covering about 8,400 participants, the Milacron plan is about 45% funded, with assets of $260 million and liabilities of $573 million, according to the PBGC. The agency said it expects to cover $285 million of the $313 million funding shortfall. The plan was frozen on Dec. 31, 2007.
In a news release, the Pension Benefit Guaranty Corp. said it stepped in because the plan would have been abandoned after the sale of company assets as part of bankruptcy proceedings.
Jerry Geisel is editor-at-large at Business Insurance, a sister publication of Pensions & Investments