Vince Snowbarger, Acting Director, PBGC, issues a statement on the Chrysler bankruptcy.
Document Excerpt
“Chrysler’s entry into Chapter 11 bankruptcy protection today does not change the status of its defined benefit pension plans. The plans remain ongoing under the sponsorship of Chrysler, and are insured by the Pension Benefit Guaranty Corporation. As the bankruptcy process unfolds, the PBGC will work with Chrysler, its unions, and all other stakeholders to ensure continuation of the pension plans.
Link http://www.pbgc.gov/media/news-archive/news-releases/2009/pr09-23.html
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