The PBGC will take over three defined benefit pension plans of Allied Systems Holdings Inc., Atlanta, the agency announced Thursday.
The Pension Benefit Guaranty Corp. issued a statement that it is taking over the plans because potential buyers of the company, which is selling most of its assets in bankruptcy proceedings, have not agreed to continue the plans.
The plans have combined assets of $45 million, with projected benefit obligations of $78 million, for a collective funding ratio of 58%, according to PBGC estimates.
The company and 18 of its subsidiaries filed for Chapter 11 in June 2012. Officials at Allied Systems could not be reached by press time.
