Federally owned Pension Benefit Guaranty Corp. will take over the pension plans of 70,000 Delphi Corp. workers and retirees, resulting in the cutting of benefits by about $800 million, The Detroit News reports. As part of the deal, the PBGC will receive a $3 billion general unsecured claim against Delphi’s assets. A plan to sell the bankrupt supplier to a partnership between Platinum Equity LLC and General Motors Co. recently was rejected by Delphi’s creditors. The PBGC also reportedly has ...

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