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NEW YORK, June 28 (Reuters) - Chinese suppliers and an agent of China's government are poised to take control of Huffy Corp. (HUFCQ.PK: Quote, Profile, Research) , a venerable U.S. brand name, as the bicycle maker restructures under bankruptcy protection, it said on Tuesday.
Huffy, making bikes for Americans for more than a century, said it had agreed to a reorganization plan which would allow it to terminate its staff pension plans. The company would turn responsibility for the benefits over to the Pension Benefit Guaranty Corp., a unit of the federal government that insures pension plans.
The proposal also would give the suppliers that make its bicycles in China and the China Export & Credit Insurance Corp. the right to elect a majority of its board of directors and earn up to 51 percent of its new common voting stock over five years.