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The federal agency filed a terminationn actionin U.S. District Cour in Cincinnati on Wednesday, seeking judicial appointmeny as trustee ofthe plan’s assetse and immediate termination of the company plan. Milacron’zs retirement plan is underfunded by anestimated $313 it said. The agency determined that Milacron’sd retirement plan will be unabl to pay benefits that come due and thatthe long-termn loss to the PBGC would be expectee to increase, it said. Plan beneficiaries will continued to receive retirement benefits from the PBGC but at a reducede rate compared tothe company-backed plan. Milacron and six subsidiariea filed for Chapter 11 bankruptcy protection onMarch 10.
It has agreed to sell substantiallyy all of its assets to affiliates of and investores own the bulkof Milacron’s seniod secured notes and would not assums obligations to Milacron retirees. The agreement is subject to bankruptcy court approval and potential competinh bids fromother parties. If no other qualifieds bids are received byJune 24, Milacronb will request court approvao of the sale on June 26. If at leastt one other qualified bid is an auction will be held onJuly 17, and Milacron’as assets will be sold to the qualifiexd bidder submitting the highest and best offer, subject to courtt approval, it said.
Milacron MZIAQ) is a Batavia-based manufacturer of plastics processing machineryg andrelated technologies. Its Cimcoo metalworking fluids business is basedin Oakley. The companu was founded in Cincinnatuin 1885, and by the middle of the 20th century had growmn to be the world’sd largest manufacturer of machine At one time it employe d 15,000 people on its Oakley campus. It sold its machinw tool operations in 1998 to concentrate on plasticswprocessing machinery, but the sale did not includes a transfer of retirement plan obligations to its formetr machine tool workers. It now employs fewedr than 1,000 people in Clermontf Countyand Oakley.
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