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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Alabama Aircraft Industries Inc (CE) | USOTC:AAIIQ | OTCMarkets | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.000001 | 0.00 | 00:00:00 |
From Feb 2020 to Feb 2025
The Pension Benefit Guaranty Corp. is assuming responsibility for about 3,000 workers and retirees of Alabama Aircraft Industries Inc. (AAIIQ), a bankrupt airplane-maintenance company.
The PBGC estimates the Alabama Aircraft pension plan has $82.4 million to cover $142.8 million in benefit promises. The agency expects to pay about $58.9 million of the $60.4 million shortfall.
The Birmingham, Ala., company, which inspects and maintains aging military jets, filed for Chapter 11 bankruptcy in February with a plan to cut its debt and get rid of a pension plan it could no longer afford. The company, in June, proposed selling itself through a bankruptcy auction as it expects to run out of cash by the end of July once its biggest defense contract runs out.
The PBGC is a federal corporation created in 1974 to protect the pensions of nearly 44 million U.S. workers and retirees.
-By Melodie Warner, Dow Jones Newswires; 212-416-2283; melodie.warner@dowjones.com
1 Year Alabama Aircraft Industr... (CE) Chart |
1 Month Alabama Aircraft Industr... (CE) Chart |
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