Federal agency to assume all Delphi pension plans
by Eric English | The Saginaw News
Wednesday July 22, 2009, 8:42 AM
Delphi Corp. retirees and workers learned today that a federal agency would take over nearly all of the corporation's pension plans, potentially reducing benefits for 70,000 people.
The Pension Benefit Guaranty Corp. announced that it would assume responsibility for six pension plans set up by Delphi, the world's largest auto-parts maker.
Troy Newberry, president of United Auto Workers Local 699 at Delphi is surprised.
Up until this week, Delphi has said that General Motors Co. would bear responsibility for pensions for hourly workers. But the Pension Benefit Guaranty Corp. said today that Delphi cannot afford to maintain its pension plans, and GM has stated it will not assume them. The agency is stepping in to protect the plans.
"This is the first we've heard about it," said Newberry, who planned to meet with representatives from the international UAW to discuss the pension developments.
Newberry said it was too early to tell what impact the federal agency's involvement would have on hourly worker pensions. In addition, some Delphi retirees receive pension benefits from GM, Delphi's former owner, he said.
GM plans to reacquire Delphi Saginaw Steering Systems, where 3,000 people work, as part of Delphi's plan to exit bankruptcy. Troy-based Delphi, in bankruptcy since 2005, is in the final stages of emerging from Chapter 11 reorganization.
Delphi's hourly pension plan covers 47,000 participants and has about $3.7 billion in assets and more than $8 billion in liabilities, according to agency estimates. The Pension Benefit Guaranty Corp. expects to be responsible for about $4 billion of the plan's shortfall of nearly $4.4 billion.
The Delphi salaried pension plan covers about 20,000 workers and retirees, and has $2.4 billion in assets and liabilities of $5 billion, according to agency estimates. The pension agency expects to be responsible for about $2.2 billion of its estimated $2.6 billion in under-funding.
Vollständiger Artikel unter
http://www.mlive.com/business/mid-michigan/...cy_to_assume_all_d.htmlTatsache ist, wenn wirklich der US-Bund die Pensionen übernimmt, dann macht Delphi ein Crawdown und ist so aus der Insolvenz. Das bedeutet, die Aktie schießt in die Höhe. Aber da der
www.pbgc.gov vor Gericht die Notbremse gezogen hat und das bedeutet das alle aktuellen Gebote und Verfahren nicht mehr abgeschlossen werden können, weil Keiner die Pensionszahlungen garantieren kann. Nun kann nur der US-Bund das Kind noch aus den Brunnen ziehen.
Delphi bleibt damit ganz bei sich selbst.
Uff! Da schaut man aber blöd aus der Wäsche, wenn es nun so kommt.
Gruß Marlboromann