The Pension Benefit Guaranty Corp. took over the three pension plans of Proliance International Inc., according to a news release.
The plans of Proliance, an auto parts manufacturer based in New Haven, Connecticut, were 54 percent funded, with assets of $20 million and liabilities of $37 million, according to the release from the PBGC. The agency expects to cover the entire $17 million shortfall, the PBGC release said.
Proliance and three of its U.S. subsidiaries filed for Chapter 11 bankruptcy protection on July 2. The plans were terminated August 12, the news release said.