Delphi Gets $6.2 Billion Bailout of Pensions

The Pension Benefit Guaranty Corp. agreed to take on $6.2 billion in pension liabilities from bankrupt auto supplier Delphi Corp., putting in place a key piece in the bailout of the car industry but renewing pressure on a government agency facing huge burdens as more companies fail... The pension rescue is the PBGC's second-largest ever, ranked by dollars, after that of United Airlines in 2005, which totaled $7.5 billion. As a result, the government will take over payments for 70,000 workers and retirees that Delphi says it can't afford under its restructuring plan...

WSJ: Delphi Gets $6.2 Billion Bailout of Pensions