The PBGC has taken over the four pension plans of Indalex Inc., Lincolnshire, Ill., confirmed Marc Hopkins, an agency spokesman.
The plans, which cover 3,100 former workers and retirees, faced abandonment after the company sold substantially all its assets in Chapter 11 bankruptcy proceedings last year and the buyer was unwilling to take responsibility for the plans, according to a news release from the Pension Benefit Guaranty Corp.
The plans were 57% funded with a combined $62.4 million in assets to cover $109.8 million in liabilities. The PBGC said it would cover $47.1 million of the $47.4 million shortfall, the news release said.
Indalex filed for Chapter 11 bankruptcy protection on March 20, 2009, according to Mr. Hopkins.