Under the U.S. government Bankruptcy Court Judge Mary Walrath, maker of gourmet gift Medford, Oregon-based may terminate the plan after it leaves bankruptcy. The Pension Benefit Guaranty Corp. estimates that the plan has U.S. $ 33.4 billion in unfunded benefits, almost all of the PBGC guaranteed if the plan is completed.
The PBGC objected to the termination, saying the company could afford to continue with the plan, although they asked for bankruptcy protection under Chapter 11 of this year.
The PBGC, which posted a record of nearly $ 23 billion deficit in fiscal 2010, said it is reviewing the judge's ruling and decide whether Walrath appeal.