Agency Waives Pension Liability in GMAC Sale
From Dow Jones/the Associated Press
General Motors Corp. said the federal Pension Benefit Guaranty Corp. had assured it that the buyer of a majority stake in GM’s financing unit, General Motors Acceptance Corp., wouldn’t be held responsible for GM’s pension plan.
GM disclosed its agreement with the PBGC in a Securities and Exchange filing. GM also said a unit of PNC Financial Services Group Inc. had joined a Cerberus Capital Management-led consortium to take control of GMAC. A PBGC spokesman said the agency was satisfied that GM wasn’t trying to evade pension liabilities under the guise of a GMAC sale.
