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PBGC and Bendix Reach Settlement and End Litigation on Pension Debt
Pension Benefit Guaranty Corporation [PBGC] May 2, 2012 "Under the settlement, PBGC won't require Bendix to put up collateral for the remaining $8.4 million in pension liability, provided the company remains financially strong until the end of the year. If the company's financial position significantly weakens during that time, Bendix will provide a letter of credit for $8.4 million." |
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