The PBGC took over the pension plan of auto-parts maker Plastech Exterior Systems Inc., Dearborn, Mich., confirmed Marc Hopkins, an agency spokesman.
Plastech and its parent, Plastech Engineered Products Inc., liquidated in Chapter 7 bankruptcy protection, and the plan has no sponsor or administrator, the PBGC said in a news release.
Plastech Exterior Systems Inc. Retirement Plan was 76% funded, with assets of $17.1 million and liabilities of $22.5 million. PBGC said it expected to cover $5.2 million of the $5.4 million shortfall.
Plastech filed for Chapter 11 bankruptcy protection on Feb. 1, 2008 — later it was converted to a Chapter 7 liquidation — and the plan was terminated on June 30 of that same year, the agency said in the news release.