The PBGC took over the four defined benefit pension plans of Champion Parts Inc., Hope, Ark., confirmed Marc Hopkins, a PBGC spokesman.
Champion's assets are being liquidated in Chapter 7 bankruptcy proceedings and the plans are being abandoned, the agency said in a news release.
Together, the four plans are 66% funded, with assets of $9.3 million and liabilities of $14 million, the news release said. The Pension Benefit Guaranty Corp. expects to cover $4.6 million of the $4.7 million shortfall.
The plans were terminated on Jan. 25, 2008, when Champion Parts filed for Chapter 7, the news release said.