WASCO files Chapter 11 to resolve pension dispute with union

Nashville masonry company WASCO has filed for Chapter 11 protection as it continues an ongoing dispute over a pension fund with the Bricklayers and Allied Craftworkers Union that dates back nearly four years.

In 2011, WASCO decided not to renew its contract with the union, beginning a dispute with the trustees of the pension plan as to the amount owed by WASCO as a plan withdrawal penalty. In October, a federal judge ruled that while the dispute is in litigation, WASCO must make interim payments. In the company's bankruptcy filing, WASCO CEO Andy Sneed says the company would be unable to do so, thus necessitating the Chapter 11, which puts a stay on those payments.