Former WIS Holding secures approval to liquidate rabbi trust assets

By Caroline Salls

Pittsburgh, Jan. 3 – SIW Holding Co., Inc., formerly known as WIS Holding Co., Inc., obtained court approval to liquidate rabbi trust assets for distribution, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

The assets will be liquidated in accordance with a stipulation between debtor Washington Inventory Service, trustee Delaware Charter Guarantee and Trust Co., which does business as Principal Trust Co., and Principal Life Insurance Co.

The company said the trust was established to segregate assets for the purpose of paying benefits to participants in an executive non-qualified excess deferred compensation plan.

The trust agreement provides that the principal and income of the trust will be subject to claims of SIW general unsecured creditors if the company files bankruptcy.

When WIS filed bankruptcy, there was $2.11 million in the trust. SIW said that amount has fluctuated since, although no withdrawals or additions have been made.

San Diego-based WIS Holding and its operating subsidiaries provided outsourced physical inventory verification and retail merchandising services throughout the United States and internationally. The company filed bankruptcy on July 2 under Chapter 11 case number 18-11579.

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