I'd have to confess I'm not an expert in that field, but anyone I talk to tells me these are revocable. These are not ironclad in the terms we would really respect. When things get tough and things explode, what's going to happen to that letter of credit?
If you're going to use a letter of credit, that's a washy thing. Why not pledge actual assets? The corporate headquarters, for instance, the real estate it sits on, pledge that against the deficiency in the pension plan. If you did this, you would change the culture.
I've been over there. You'd change the culture. Do you know what would happen? They would never let that pension fund go into deficit.