The Pension Benefits Guaranty Corp. has taken over the benefits owed 4,100 current and future retirees of the bankrupt Journal Register Co.
The pension fund of the newspaper publisher, the PBGC said, has $91.5 million in assets against $177.7 million in future unfunded liabilities. The agency, which ensures private pension systems through premiums collected from plan sponsors, said it expects to pay all benefits owed plan participants up to the legal limit of about $57,000 per year for a 65-year-old.
The Journal Register, of Yardley, Pa., and its subsidiary and plan sponsor, Journal Register East Co., filed for Chapter 11 bankruptcy in September 2012. Most of its assets were sold in April to 21st CMH Acquisition Corp., a division of the company that owned the Journal Register.
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In its bankruptcy filing, the company listed debts of $268 million and assets of $235 million.
The parent company, Alden Global Capital Ltd., acquired the publisher in 2009 during a previous bankruptcy filing. The Journal Register, now known as 21st Century Media, publishes the New Haven (Conn.) Register and delivers news to 21 million readers a month in 10 states.
The PBGC had a deficit this year of $36 billion, up from $34 billion in 2012.
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