BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

Login Register Subscribe



Plan termination halted

WASHINGTON-A complex 11th-hour agreement will avert a Pension Benefit Guaranty Corp. takeover and termination of three Anchor Glass Container Corp. pension plans, which have $190 million in unfunded liabilities.

The PBGC threatened to terminate the plans after Anchor Glass's Mexican parent, Vitro S.A., said it was selling off assets of Tampa, Fla.-based Anchor Glass, which is in bankruptcy (BI, Jan. 13).

In December, Consumers Packaging of Toronto agreed to purchase most of Anchor Glass assets and create a new subsidiary called New Anchor. As part of the agreement with the PBGC, New Anchor will pay $18 million to the plans covering previously missed contributions. New Anchor also will continue to make regularly required contributions to the plans.

In addition, Owens-Brockway, a subsidiary of Owens-Illinois Corp., which is acquiring a small portion of Anchor Glass, will be responsible for about $15 million of unfunded liabilities.

As part of the agreement, Vitro has guaranteed payments of $70 million over 10 years in the event that the PBGC must terminate any of the plans and New Anchor fails to meet its obligations.