Old Ladder to terminate Greenville retiree life insurance program Oct. 31

By Caroline Salls

Pittsburgh, Oct. 15 - Old Ladder Co. (DE), Inc., formerly Werner Holding Co. (DE), Inc., will terminate the life insurance program for United Steelworkers' retirees from the company's Greenville, Pa., plant on Oct. 31, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

Under the agreement with the USW, which is subject to bankruptcy court approval, the union will have a $495,000 general unsecured claim against Old Ladder only for purposes of voting on the company's plan of liquidation.

In addition, each affected retiree will have a $5,000 pre-bankruptcy general unsecured claim against Old Ladder.

Werner, now Old Ladder, a Greenville, Pa., manufacturer and distributor of ladders, climbing equipment and ladder accessories, filed for bankruptcy on June 12, 2006. Its Chapter 11 case number is 06-10578.

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