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The Pension Benefit Guaranty Corp. said Friday that it is taking over the underfunded pension plan of Reichhold Inc., a Durham, North Carolina-based resin manufacturer that filed for bankruptcy last month.
The PBGC said it is stepping in because the company intends to abandon the plan. The agency said the plan, which has about 4,500 participants, is 70% funded with $325 million in benefit liabilities and $228 million in assets.
The PBGC said it expects to cover $90 million of the $97 million funding shortfall.
The Pension Benefit Guaranty Corp. will take over the defined benefit plan of James River Coal Co., the agency announced Wednesday.