News Report | June 17, 2013
KidsPeace Files For Chapter 11 Bankruptcy Due To Large Pension Obligations
On May 21, 2013, non-profit KidsPeace Corporation filed for Chapter 11 bankruptcy to restructure its long-term debt and pension obligations, which total about $162 million. KidsPeace provides behavioral health treatment for children and families in 10 states. Through the restructuring, KidsPeace will remain in business and continue day-to-day operations. However, as of April 30, 2013, its pension plan came under control of the Pension Benefit Guaranty Corporation (PBGC). KidsPeace ended the pension plan on March 31, 2012. According to PBGC estimates, as of March 31, 2012, the pension plan was 41% funded with $69.3 . . .