Re this story below what happens to retiree benefits if Bethlehem goes belly up? If they are an ongoing burden they are apparently not fully funded. Are the retirees SOL?
http://www.washingtonpost.com/wp-srv/aponline/20011015/aponline214825_000.htm
"PHILADELPHIA –– Bethlehem Steel Corp., which launched more than 1,000 ships during World War II and made girders for the Golden Gate Bridge and Empire State Building, filed for Chapter 11 bankruptcy Monday.
The nation’s third-largest steel company was reeling from five straight quarters of losses blamed on competition from cheaper foreign steel and high labor and retiree-benefit costs.
“It is becoming increasingly clear that the economy is in a precipitous decline, and the market for steel has just gone on hold,” said Robert S. Miller Jr., chief executive.
The company, headquartered in Bethlehem, 50 miles from Philadelphia, was once a symbol of American industrial and military might. But it is now a shell of what it once was, with about 13,000 employees and 74,000 pensioners. "
etc etc