Northwest to Fund Pensions With Stock
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From Associated Press
Northwest Airlines won government permission to fund its pension plans with a subsidiary’s stock instead of cash, a strategy used only twice before by struggling companies.
The Labor Department granted the Eagan, Minn.-based airline an exemption from pension financing rules, which would allow it to contribute privately held stock of its regional affiliate, Pinnacle Airlines Corp., to three pension plans covering 73,000 employees and retirees.
From Associated Press
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