The Pension Benefits Guaranty Corp. has denied reports that its actions caused Hardwick Clothes to file for bankruptcy.
"Recent press reports suggest that our actions pushed Hardwick into bankruptcy," said Sanford Rich, the PBGC's chief of negotiations and restructuring, in a statement. "This isn't true. We provide a safety net for the country's privately run pensions, and we provided that service to Hardwick."
Hardwick, the nation's oldest privately owned clothing manufacturer, said it filed for Chapter 11 bankruptcy this month because the PBGC had demanded it replenish its underfunded pension system by paying $7.3 million. If it failed to do so, the PBGC had threatened to place a lien against the company.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
