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Bankrupt Special Metals may end pension plans
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HUNTINGTON - Special Metals Corp. has told its employees and
retirees it probably will terminate its pension plans soon so the
company can emerge from Chapter 11 bankruptcy.
A letter mailed last week also said a buyer has been found, but
the buyer does not want to take on the pension obligations.
"We do not believe any bidders or financial buyers would take on
this obligation, and we do not believe the company is financially
capable of continuing the pension plans on a standalone basis.
Therefore, it is highly likely that the pension plans will not
survive the reorganization process," the ...
Related newspaper, magazine, and trade journal articles from HighBeam Research
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Special Metals out of bankruptcy
; ...the financing, Special Metals spokeswoman Tracy...three largest pension plans by the Pension...the business." Special Metals reached a compromise...PBGC over which pension plans the federal agency...had prevented Special Metals from ...
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Special Metals allowed to drop pension
; ...judge has allowed Special Metals Corp. to terminate its five pension plans, removing another...Retirees from Special Metals or Inco Alloys...cancellation of two pension plans affecting union...contract with Special Metals that will mean...Maintaining the ...
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Special Metals may end pension plan to emerge from bankruptcy
; ...of continuing the pension plans on a standalone basis...highly likely that the pension plans will not survive the...expected. If terminated, Special Metals pension obligations...to the letter said. Special Metals, the world's largest...of the bankruptcy, ...
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Special Metals now out of bankruptcy, Company reaches: compromise over its pension plans
; ...the financing, Special Metals spokeswoman Tracy...three largest pension plans by the Pension...the business." Special Metals reached a compromise...Corp. over which pension plans the federal agency...had prevented Special Metals from ...
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Special Metals charts course for exiting bankruptcy
; HUNTINGTON - Special Metals Corp. is making plans to emerge...Chapter 11 bankruptcy," said Special Metals President T. Grant John in...business units intact," he said. Special Metals is the world's largest and...global distribution network, Special Metals supplies more ...
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Special Metals deal could end bankruptcy: W.Va. manufacturer makes compromise on pension plan
; HUNTINGTON - Special Metals Corp. officials...over which pension plans the federal...has prevented Special Metals from securing...early as today, Special Metals spokeswoman...responsibility for Special Metals' three largest pension plans, all ...
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Special Metals buys big
; NEW HARTFORD--More than ever before, Special Metals Corporation will be regarded as a business...million in cash. The purchase will allow Special Metals to diversify its own markets. Inco...president and chief executive officer of Special Metals Corp. The financing will be ...
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Inco owner reports loss: Special Metals says strike, soft market may result in more losses
; Special Metals Corp., the company that bought the...and warned of more red ink to come. Special Metals bought Inco's Huntington plant for...issued this morning, Donald Muzyka, Special Metals' president and chief executive officer...
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N.Y. firm in talks to buy Special Metals
; ...involved in talks to buy Special Metals Corp., union officials...and retired employees at Special Metals facilities in Huntington...three locations. Last week, Special Metals president T. Grant John...did not want to assume pension obligations to retirees. Special ...
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Bankruptcy leaves bills unpaid: Special Metals owed five firms $2 million combined
; HUNTINGTON - When Special Metals Corp. filed for bankruptcy protection...Bankruptcy Court in Lexington, Ky., Special Metals owed five companies with Huntington...bankruptcy protection in March. Special Metals is the world's largest maker...
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