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Regulators sought to end McLouth's pension plan.

November 26, 1986

The Pension Benefit Guaranty Corp. asked the U.S. District Court in Detroit to terminate the McLouth Steel Products Corp. pension plan "because of its failure to meet minimum funding standards," Royal S. Dellinger, deputy executive director of the agency, said. However, hours later, the federal regulators said they were delaying action to continue negotiations with the troubled firm. The agency said the McLouth pension plan had $9.25 million in assets, $32.75 million short of the $42 million required to meet guaranteed benefits.

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