Wed, Dec 06, 2006
PBGC, Bankruptcy Court Will Have To Approve
Delta Air Lines has reached a tentative agreement with the
federal agency that insures corporate pensions. On Monday, the
Pension Benefit Guaranty Corporation gave its conditional approval
to assume control of the pilots' pension plan.
Reuters reports that under terms of the agreement, the PBGC
would be granted a $2.2 billion unsecured claim against the
carrier. That would the government entity Delta's largest single
Delta has sought to terminate its existing pension plan as part
of its Chapter 11 bankruptcy reorganization. United Airlines
reached a similar agreement with the PBGC two years ago, during
that carrier's fight to emerge from bankruptcy.
The agreement between Delta and the PBGC must still be formally
vetted by the staff at the pension board, who must decide whether
Delta's case meets its "financial distress" criteria. The US
Bankruptcy Court would also have to sign off on the agreement.
While it has abandoned hopes of retaining pensions for its
pilots, Delta stressed it remains committed to funding pensions for
its flight attendants and ground staff.
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