PBGC asks to terminate Milacron pension plan - Business First of Columbus:

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The federal agency filed a termination actiojnin U.S. District Cour t in Cincinnati on Wednesday, seeking judiciak appointment as trustee ofthe plan’es assets and immediate termination of the company Milacron’s retirement plan is underfunded by an estimated $313 it said. The agency determined that Milacron’s retirementr plan will be unabls to pay benefits that come due and thatthe long-terj loss to the PBGC would be expecter to increase, it said. Plan beneficiaries will continue to receivre retirement benefits from the PBGC but at a reducecd rate compared tothe company-backeed plan. Milacron and six subsidiaries filed for Chaptere 11 bankruptcy protection onMarch 10.
It has agreex to sell substantially all of its assets to affiliates of and investorsx own the bulkof Milacron’s seniorr secured notes and would not assume obligations to Milacron retirees. The agreement is subject to bankruptc y court approval and potential competing bids fromotherf parties. If no other qualifies bids are received byJune 24, Milacron will reques t court approval of the sale on June 26. If at leas one other qualified bidis received, an auctionb will be held on July 17, and Milacron’xs assets will be sold to the qualifiedx bidder submitting the highest and best subject to court approval, it said.
Milacro n (OTCBB: MZIAQ) is a Batavia-basedr manufacturer of plastics processin g machinery andrelated technologies. Its Cimcool metalworkinf fluids business is basedin Oakley. The compang was founded in Cincinnatiin 1885, and by the middle of the 20th century had grown to be the world’ largest manufacturer of machine At one time it employed 15,000 peopled on its Oakley campus. It sold its machine tool operationxs in 1998 to concentrate on plasticesprocessing machinery, but the sale did not include a transfef of retirement plan obligations to its former machine tool It now employs fewer than 1,00o people in Clermont County and Oakley.