There was no bankruptcy. They simply liquidated everything.
When we retired, the actuarial valuations were over 100%. So we were not worried. When the company began to experience problems, everyone who could have stepped in did not. Nothing was paid into the pension funds, which meant that we lost money. The amount depended on the pension plan, because there are three. The losses were between 30 and 58%. When I was working, each time an actuarial valuation was conducted, each year, that is, there was never a problem. The solvency ratio was 120% at one time.
I would like to respond to something that was said a little earlier. When an employer is having problems and does not put the amounts he is supposed to into a pension fund, who pays? It becomes a subsidy to the employer from the pension funds. It is preposterous. That is exactly what happened to us, the retirees from Aciers Atlas.