The Pension Benefit Guaranty Corporation said that it has taken over under funded pension plans sponsored by bankrupt specialty metal products manufacturer Crucible Materials Corporation.

The PBGC said that it acted because Crucible Materials is liquidating and no entity will be left to administer or finance the six plans. The plans, which have about 3,600 participants, are 58% funded with USD 147.1 million in assets and USD 277.3 million in liabilities.

The PBGC said that it expects to be liable for USD 106.4 million of the USD 130.2 million shortfalls.

(Sourced from www.crain.com)