The beleaguered federal agency charged with insuring pensions has filed an objection to a deal struck between Delta Air Lines Inc. and its pilots.

The Pension Benefit Guaranty Corp. said in a filing made Wednesday at the U.S. Bankruptcy Court for the Southern District of New York in Manhattan that a provision in the deal between the airline and its pilots violates pension law. Specifically, the agency objects to a $650 million note promised to pilots to offset reductions in retirement benefits should the airline terminate its pension plans as expected.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Advance® Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]