Bankruptcy (BenefitsLink.com)Headlines re Bankruptcy, gathered by BenefitsLink.comCourt Gives Delphi Extensions on GM, Pension Deals- (Found July 8, 2008 ) Excerpt: "Judge Robert Drain allowed Delphi to extend until April 15 an agreement that allows it to transfer billions of dollars of union pension liabilities to former parent GM. The agreement was to expire on Monday." (Reuters)http://www.reuters.com/article/ousiv/idUSN3144956820080401 Funds to Be Restored to Enron Litigation Settlement Fund- (Found July 8, 2008 ) Excerpt: "In a settlement with the Department of Labor (DOL), Hewitt Associates and the Enron Creditors Recovery Corp. have agreed to restore $11.2 million to a court supervised settlement fund for Enron participants." (Wolters Kluwer)http://hr.cch.com/news/pension/032708a.asp Dana Corporation, Other Firms Maintain Defined Benefits Plans During Reorganizations- (Found July 8, 2008 ) Excerpt: "During Dana's bankruptcy, the company continued to make its legally required funding contributions and consolidated 34 defined benefit plans into seven pension funds. The changes reduced Dana's minimum funding contributions by $60 million through the year 2012. These moves will significantly improve the financial health of Dana's seven defined benefit plans, which cover more than 53,000 participants, of which almost 15,000 are active employees. By reducing the number of plans,...http://hr.cch.com/news/pension/031408.asp W.R. Grace Cleared on Pension Payments- (Found July 8, 2008 ) Excerpt: "Chemical company W.R. Grace & Co. has won bankruptcy court approval to make $17.8 million in contributions to the defined benefit pension plans that cover its U.S. workers." (AP via Forbes.com)http://www.forbes.com/feeds/ap/2008/03/11/ap4759599.html United Taking a Flier with Pensions- (Found July 8, 2008 ) Excerpt: "Back in 2005, United Airlines . . . terminated its employee pension plans, creating the single largest corporate pension default in U.S. history. . . . It seems, though, that the unions, shareholders, creditors, government -- and, most importantly, the retirees -- got hoodwinked. United had an asset on its books that could have paid for the entire cost of the pension obligations -- and then some -- but according to the financial statements at the time, it was a negative asset, a..http://www.fool.com/investing/general/2007/10/04/united-taking-a-flier-with-pensions.aspx Delta Bankruptcy Recovery Deal Nice for Retired Pilots- (Found July 8, 2008 ) Excerpt: "Delta emerged on Monday from Chapter 11 protection, where it had spent the past 19 months. Terms of the bankruptcy deal call for Delta to pay retired pilots an estimated 65 cents for every dollar owed by their supplemental retirement plan, and an estimated 85 cents for a qualified plan, said Miller & Martin partner G. Dean Booth." (Daily Report)http://www.dailyreportonline.com/Editorial/News/new_singleEdit.asp?individual_SQL=5%2F2%2F... |