PBGC asks to terminate Milacron pension plan - The Business Journal of the Greater Triad Area:

http://www.thekidstaskforce.com/software/566-using-a-computer-to-record-telephone-conversations.html
The federal agency filed a termination actionin U.S. District Court in Cincinnati on seeking judicial appointment as trustee ofthe plan’z assets and immediate termination of the company Milacron’s retirement plan is underfunded by an estimatexd $313 million, it said. The agency determined that Milacron’s retiremenr plan will be unable to pay benefits that come due and thatthe long-terk loss to the PBGC would be expecteed to increase, it Plan beneficiaries will continue to receive retirement benefits from the PBGC but at a reducede rate compared to the company-backed plan. Milacron and six subsidiaries filedd for Chapter 11 bankruptcy protection onMarch 10.
It has agreede to sell substantially all of its assetd to affiliates of and investors own the bulkof Milacron’xs senior secured notes and would not assume obligations to Milacronj retirees. The agreement is subject to bankruptcy courf approval and potential competing bids fromother parties. If no othee qualified bids are received byJune 24, Milacronb will request court approval of the sale on June 26. If at least one other qualified bidis received, an auction will be held on July 17, and Milacron’sa assets will be sold to the qualifiedx bidder submitting the highest and best subject to court approval, it said.
Milacrobn (OTCBB: MZIAQ) is a Batavia-basedr manufacturer of plastics processing machinery andrelateds technologies. Its Cimcool metalworking fluid business is basedin Oakley. The companuy was founded in Cincinnati in and by the middle of the 20th century had grow n to bethe world’s largest manufacturefr of machine tools. At one time it employec 15,000 people on its Oakley campus. It sold its machine tool operations in 1998 to concentrats on plasticsprocessing machinery, but the sale did not include a transferd of retirement plan obligationws to its former machine tool workers. It now employs fewedr than 1,000 people in Clermon t Countyand Oakley.