Former Pemco eyes settlement of claims with Pension Benefit Guaranty

By Lisa Kerner

Charlotte, N.C., April 1 - WAS Services, Inc., formerly Pemco World Air Services, Inc., asked the court to authorize and approve a stipulation by and between the debtors and the Pension Benefit Guaranty Corp., according to documents filed April 1 with the U.S. Bankruptcy Court for the District of Delaware.

Under the stipulation, Pension shall have an allowed administrative expense claim in the amount of $446,138 and an allowed general unsecured claim in the amount of $33,196,034, or to be known collectively as the allowed settlement claims.

A hearing is scheduled for April 22.

The Tampa, Fla.-based former Pemco performs large jet maintenance and repair services. It filed for bankruptcy on March 6, 2012, under Chapter 11 case number 12-10799.

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