PBGC taking over PTC Alliance pension plan

Dec 29, 2009 | 10:23 AM | Corinna Petry

The federal government's Pension Benefit Guaranty Corp. (PBGC) is assuming responsibility for the underfunded pension plan covering about 750 employees and retirees of PTC Alliance Corp.

The pension action comes as the Wexford, Pa.-based producer of specialty steel tubing and bar prepares to sell substantially all its assets at a bankruptcy court hearing tentatively set for Jan. 4. The company, which filed for Chapter 11 bankruptcy protection Oct. 1, will seek court approval of the transaction, which....

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