The PBGC assumed responsibility for Hurd Windows & Doors Inc., Medford, Wis., the agency announced today.
Hurd filed for Chapter 11 bankruptcy protection on Sept. 15, 2008, and the U.S. Bankruptcy Court in Eau Claire, Wis., approved the sale of the company’s assets to HWD Acquisition Inc. The transaction did not include the company’s two pension plans.
The pension plans — the Hurd Millwork Company Pension Plan for Local 2979 and the Hurd Millwork Company Pension Plan for Shop Employees — are a combined 77% funded, with $9.6 million in assets and $12.6 million in liabilities.
The PBGC expects to cover the entire $3 million shortfall.
Both plans have been frozen since Dec. 3, 2004.