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Article: PBGC PROTECTS PENSIONS AT MOTHER'S CAKE AND COOKIE
- Article from:
- US Fed News Service, Including US State News
- Article date:
- July 15, 2009
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WASHINGTON, July 14 -- The Pension Benefit Guaranty Corp. issued the following press release:
The Pension Benefit Guaranty Corporation (PBGC) today announced it has assumed responsibility for the underfunded pension plan covering about 1,100 workers and retirees of closely-held Mother's Cake & Cookie Co., Battle Creek, Mich. The company made cookies under the Archway, Mother's, and Mrs. Allison's labels and for store brands, mostly at a plant in Ashland, Ohio.
The PBGC stepped in because the pension plan faces abandonment as the company liquidates in chapter 7 bankruptcy with no asset purchaser willing to assume the plan. Retirees and beneficiaries will continue to receive their monthly ...