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PBGC Takes Over Plan of Bankrupt Bus Manufacturer

March 31, 2009
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Related Topics: Miscellaneous Legal Issues, Retirement/Pensions, Latest News
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The Pension Benefit Guaranty Corp. has taken over a pension plan sponsored by Patton Corp. of Ann Arbor, Michigan, for 1,800 employees and retirees of the company’s General Automotive Corp. and Flxible Corp. bus-manufacturing affiliates, according to a PBGC news release.

Patton, an insolvent commercial real estate holding company, ceased operations in 2006, and Flxible and General Automotive were liquidated in bankruptcy proceedings in 1997 and 1998, respectively, the news release said.

The GAC/Flxible plan is about 58 percent funded, with assets of $19.8 million and liabilities of $33.8 million, the news release said. The PBGC expects to cover the entire $14 million shortfall, the release said.

Filed by Doug Halonen of Pensions & Investments, a sister publication of Workforce Management. To comment, e-mail editors@workforce.com.

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