DETROIT, July 22 The Pension Benefit Guaranty
Corporation (PBGC) said on Wednesday it would assume
responsibility for the pension plans of 70,000 workers and
retirees of bankrupt U.S. auto parts maker Delphi Corp
The U.S. pension insurer said it was stepping in to protect
the Delphi pensions because the parts supplier cannot afford to
maintain its pension plans and Delphi's former parent General
Motors [GM.UL] has stated it will not assume them.
Delphi, spun off from GM in 1999, filed for Chapter 11
bankruptcy protection in 2005.
The PBGC said it would initiate action to become trustee of
the plans, a process that could last up to several months.
(Reporting by Soyoung Kim, editing by Gerald E. McCormick)