The Pension Benefit Guaranty Corp. is taking over the benefits for more than 4,440 current and future retirees of Constar Inc., a maker of plastic containers.
The Trevose, Pa., company is selling most of it assets in two bankruptcy auctions, but the buyer will not assume pension obligations.
The PBGC estimated the pension plan has $89.6 million in assets and $135 million in liabilities, leaving it 66 percent funded. The agency said it would cover all but $700,000 of the gap.
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