Hawker, Pension Benefit Guaranty Reach Settlement
Hawker Beechcraft has agreed to a settlement with Pension Benefit Guaranty Corp., which provides for the cancellation of two pension plans, allowing the company to move forward in gaining approval for its plan of reorganization, a Bloomberg article said.
The pension plans were for salaried workers and non-union workers in the customer support portion of the company, the article said, and added that the plan for hourly workers is currently on hold.
As part of the settlement the government agency will receive $11 million and an unsecured claim $419.5 million. The Bloomberg article noted that the plans will be replaced by a contribution plan.
Previously on abfjournal.com: