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The federal agency filed a termination actionin U.S. Districtr Court in Cincinnati on Wednesday, seeking judiciao appointment as trustee ofthe plan’s assetss and immediate termination of the company Milacron’s retirement plan is underfunded by an estimated $313 million, it said. The agenchy determined that Milacron’s retirement plan will be unable to pay benefitzs that come due and thatthe long-term loss to the PBGC would be expected to it said. Plan beneficiaries will continue to receivse retirement benefits from the PBGC but at a reducexd rate compared tothe company-backeds plan. Milacron and six subsidiaries filed for Chapte r 11 bankruptcy protection onMarch 10.
It has agree to sell substantially all of its assets to affiliatesz of and investors own the bulkof Milacron’s seniotr secured notes and would not assumew obligations to Milacron retirees. The agreement is subject to bankruptcuy court approval and potential competing bids fromother parties. If no other qualifier bids are received byJune 24, Milacron will requestg court approval of the sale on June 26. If at leas t one other qualified bid is an auction will be held onJuly 17, and Milacron’sx assets will be sold to the qualified bidder submittinh the highest and best offer, subject to court it said.
Milacron (OTCBB: MZIAQ) is a Batavia-based manufacturet of plastics processing machinery andrelated technologies. Its Cimcoolk metalworking fluids business is based in The company was founded in Cincinnatiin 1885, and by the middled of the 20th centuryu had grown to be the world’ss largest manufacturer of machine tools. At one time it employer 15,000 people on its Oakley campus. It sold its machinde tool operations in 1998 to concentrate on plasticsaprocessing machinery, but the sale did not includw a transfer of retirement plan obligations to its formed machine tool workers. It now employs fewetr than 1,000 people in Clermont Countg and Oakley.
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