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<br />bankruptcy court approving the termination," suggesting <br />that application to the Bankruptcy Court for termination of the <br />pension plan should precede filing with the PBGC. Section <br />4041(c)(2)(B)(ii) of ERISA (29 U.S.C. 4 4041(c)(2)(B)(ii)) <br />recu'_res a finding by the Bankruptcy Court that each mes~er of <br />the contributing sponsor's controlled group will individually "be <br />unable to pay all its debts pursuant to a plan of reorganization <br />and will be unable to continue in business outside the chapter 11 <br />reorganization process." <br />d. The process of application to the PBGC is <br />subject to recently promulgated forms and instructions. See 54 <br />Fed. Reg. 52904 (12-22-89), particularly PBGC Distress <br />Termination Filing Instructions and PBGC Distress Termination <br />Filing Form 600, Form 601, Schedule AE-D (Form 601) issued Dec. <br />22, 1989. These forms and instructions were issued without <br />regulations and regulations are expected in early 1991. Debtors <br />must give a 60-day notice of their intent to terminate their <br />pension plan to the PBGC and to interested parties, including <br />retirees. The PBGC requires that the plan sponsor's filing with <br />the PBGC be made "at least 60 days and no more than 90 days prior <br />to the proposed termination date, and not before notices <br />of intent to terminate are issued to the other affected parties." <br />See General Instructions for Forms 600 and 601. After <br />appropriate notices and filings, the PBGC reviews the documents <br />and data and makes its determination. <br />e. These procedures cannot be completed within the <br />first 120 days after the commencement of these cases. <br />6 <br />