Item 1.01. Entry into a Material Definitive Agreement
On
Upon the payment of the premium to the Insurer and the closing of the
transactions contemplated by the Agreement (the "Transaction"), the purchased
pension benefit obligations for the Transferred Participants will be irrevocably
transferred from the Plan to the Insurer, which will guarantee the pension
benefits of the Transferred Participants. By transferring these obligations to
the Insurer, the Company will reduce its gross pension plan liabilities by
approximately
Benefits payable to the Transferred Participants are not being reduced as a result of the Transaction. Likewise, benefits payable to participants who will remain in the Plan after the Transaction are not being reduced as a result of the Transaction.
The Transaction is subject to customary closing conditions, including certain
termination clauses. The Company expects the purchase of the Annuity Contract to
be completed by
As a result of the Transaction, the Company expects to recognize a non-cash
pre-tax pension settlement gain of approximately
Forward-Looking Statements
This Item 1.01 of this Current Report on Form 8-K contains forward-looking
statements, including statements related to the amount of the Company's gross
pension plan liabilities and the amount by which the Transaction will lower them
and the date on which the purchase of the Annuity Contract will be completed.
These forward-looking statements are based on management's beliefs and
assumptions and on information available to management as of the date they are
made. However, investors should not place undue reliance on these
forward-looking statements because they speak only as of the date they are made.
The Company does not undertake any obligation to update or revise these
forward-looking statements, whether as a result of new information, future
events or otherwise, except as required by law. In addition, forward-looking
statements are subject to certain risks and uncertainties that could cause
actual results, events and developments to differ materially from the Company's
historical experience and its present expectations or projections. These risks
and uncertainties include, but are not necessarily limited to, those described
in the annual and quarterly reports the Company files with the
Item 2.02. Results of Operations and Financial Condition
On
The information included in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise expressly set forth by specific reference in such filing.
Item 7.01. Regulation FD Disclosure
Also on
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number Description 99.1 Press Release issued byPactiv Evergreen Inc. , datedFebruary 23, 2022 99.2 Press Release issued byPactiv Evergreen Inc. , datedFebruary 23, 2022
EX 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
--------------------------------------------------------------------------------
© Edgar Online, source