The PBGC assumed responsibility for the two underfunded defined benefit plans of Interlake Material Handling Inc., Naperville, Ill.
Interlake filed for Chapter 11 bankruptcy protection on Jan. 5 to facilitate a sale of its assets to Mecalux U.S.A. Inc. and Mecalux Medico S.A. de C.V.
The two plans are a combined 49% funded, with assets of $16.7 million and liabilities of $34.5 million. The Pension Benefit Guaranty Corp. plans to cover the entire $17.8 million shortfall.
The plans were terminated on March 5.