PBGC says Delta, Northwest still liable for pension payments

The US Pension Benefit Guaranty Corp., which stands to inherit the underfunded pension plans of Delta Air Lines and Northwest Airlines if the two default in bankruptcy, said yesterday that the carriers "have a legal obligation" to continue funding their plans. Both airlines said yesterday that they do not intend to make upcoming scheduled pension payments into the plans, although they have not decided whether to terminate them. In fact, NWA President and CEO Doug Steenland told reporters ...