Leveraged Buyouts: A Discussion with the Pension Benefit Guaranty Corporation 2013 (Audio-only)

Taken from the briefing Leveraged Buyouts: A Discussion with the Pension Benefit Guaranty Corporation recorded July, 2013.

The Pension Benefit Guaranty Corporation recently announced that it will become more aggressive in leverage buyout transactions involving underfunded pension plans.  In a similar vein, in April, the PBGC initiated proceedings to terminate a pension plan in connection with Compagnie de Saint-Gobain’s sale of its U.S. metal and glass containers business to Ardagh Group.  These actions may increase the risk related to underfunded pension plans in LBOs – a risk which buyers and sellers should not discount or ignore.

This Briefing will provide you with practical insights from the PBGC, particularly the issues that the PBGC views as most problematic in these transactions and how to address these issues when the PBGC gets involved.

Lecture Topics  [Total Time: 01:10:20]

• The PBGC’s early warning system
• The PBGC’s prior enforcement landscape
• The perspective of the PBGC in such situations

Featured speakers:

• Sanford Rich, Chief of Negotiations and Restructuring at the PBGC
• Israel Goldowitz, Chief Counsel of the PBGC
• Lawrence K. Cagney, chair of Debevoise & Plimpton, LLP’s Executive Compensation and Employee Benefits Group
• Jonathan F. Lewis, Partner in Debevoise & Plimpton, LLP’s Executive Compensation and Employee Benefits Group

Presentation Material

• Leveraged Buyouts: A Discussion with the Pension Guaranty Corporation
  Lawrence K. Cagney, Jonathan F. Lewis, Israel Goldowitz, Sanford Rich
• Leveraged Buyouts: A Discussion with the Pension Guaranty Corporation
  Lawrence K. Cagney, Jonathan F. Lewis, Israel Goldowitz, Sanford Rich
• Leveraged Buyouts: A Discussion with the Pension Guaranty Corporation
  Lawrence K. Cagney, Jonathan F. Lewis, Israel Goldowitz, Sanford Rich