The PBGC will assume responsibility for the pension plan of The Relizon Co., a Dayton, Ohio-based producer of marketing materials, confirmed PBGC spokesman Gary Pastorius.
Relizon and its parent company, Workflow Management Inc., Norfolk, Va., are liquidating in Chapter 11 bankruptcy.
Relizon's defined benefit pension plan is about 47% funded, with $49 million in assets to cover $104.4 million in liabilities, according to the release. The Pension Benefit Guaranty Corp. expects to assume responsibility for $54.7 million of the $55.4 million shortfall.
Mr. Pastorius said in an e-mailed response to questions that the plan has been frozen since Dec. 31, 2006.