Are there any "next steps" if the PBGC rejects an application for involuntary termination?

In essence, the Corporation says that company is not "financially impaired". Is there anything like an appeal? Don't see anything in 4041 or 4043.

Thanks for your input.

A "denial" of an application (??) to the PBGC for an involuntary termination? Never heard of such an application, much less an appeal from a denial of one. I take it this is an attempt to abandon or otherwise unload an underfunded plan for the cheapest way possible. Or is it a distress termination with the Form 600 filing, where the PBGC subsequently decides, in some cases but not in your case, to take over the plan? I'd love to know more about an prior success you or others have had with this.

The sponsor wants to unload an unfunded plan. It seems that form 600 was filed. PBGC wrote back that it's a no-no. They will not take over the plan because, as I understand it, the plan sponsor is not as financially incapable as the Corporation might like (for them to take over the plan).

The sponsor asked us for advice yesterday.

ERISA section 4041 defines two types of terminations: standard and distress. Section 4042 discusses a termination inititated by the PBGC. An involuntary termination has (approximately) the same net effect as a distress termination, but there is no "application" for the former.

Notice the prominent use of the word "bankruptcy" in discussing a distress termination.
http://www.pbgc.gov/practitioners/plan-ter.../page13261.html