The Pension Benefit Guaranty Corporation said Nov. 21 that it will pay pension benefits for more than 19,000 retirees of Furniture Brands International Inc.
The agency said in a statement that it will pay the benefits because the St. Louis-based company plans to sell the majority of its assets in bankruptcy, and buyer KPS Capital Partners LP won’t be assuming the pension plan.
The PBGC said according to its estimates, the company’s Furniture Brands Retirement Plan is about 55 percent funded with about $337 million in assets to pay $609 million in benefits. The agency said it expects to cover ...
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