PBGC takes over Pa.-based newspaper's pension plan
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The Pension Benefit Guaranty Corp. is taking over and terminating a pension plan sponsored by newspaper publisher Journal Register Co.
The PBGC said Tuesday that it stepped in after the Yardley, Pa.-based publisher and a subsidiary company filed for Chapter 11 bankruptcy reorganization and sold the majority of their assets, with the buyer, 21st CMH Acquisition Co., not assuming the pension plan liabilities.
The Journal Register pension plan, which has about 4,100 participants, is 51% funded, with $91.5 million in assets and $177.7 million in liabilities, the agency said.
The PBGC said it expects to cover the entire $86.2 million funding shortfall.
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