According to a press release , the private pension insurer will take on the entire $28 million shortfall of the Retirement Plan for Employees of Werner Holding Co. Inc., which covers 1,460 workers and retirees.
The plan has $38 million in assets to cover some $66 million in liabilities.
Werner Holding filed for Chapter 11 protection in the U.S. Bankruptcy Court in Wilmington, Delaware in June 2006. On April 25, 2007, thebankruptcy court approved the sale of substantially all of Werner Holding’s assets to WH Acquisition Co., an entity comprised of the company’s lien holders, but the transaction did not include the pension plan.
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