Pension Benefit Guaranty Corporation is taking over the pension fund of PTC Alliance Corporation, a bankrupt steel products manufacturer.

Mr Marc Hopkins spokesman of PBGC confirmed that the company filed for Chapter 11 bankruptcy protection on October 1st 2009. It plans to sell most of its assets in a transaction that will not include the pension fund.

The pension fund, which covers 750 employees and retirees, was terminated on December 28th 2009. The plan is 51% funded, with USD 39.7 million in assets and USD 77.1 million in liabilities. PBGC expects to cover USD 37 million of shortfall.

(Sourced from www.pionline.com)