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GAO Report: Summary of Government Efforts and Automakers' Restructuring to Date
U.S. Government Accountability Office [GAO] Link to more items from this source
May 1, 2009
48 pages. "The pension plans of Chrysler and GM pose considerable financial uncertainty to PBGC. In the event that Chrysler or GM cannot continue to maintain their pension plans -- such as in the case of liquidation or an asset sale -- PBGC may be required to take responsibility for paying the benefits for the plans, which are currently underfunded by a total of about $29 billion.32 Although it is impossible to know what the exact claims to PBGC would be if it took over Chrysler's and GM's pension plans, doing so would likely strain PBGC's resources, because the automakers plans' represent a significant portion of the benefits it insures." [GAO-09-553, Apr. 23, 2009]

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