(Bloomberg) — The Pension Benefit Guaranty Corp. is about to take over Reichhold Inc.'s retirement plan, which covers almost 4,500 current and former workers at the maker of polyester resins, saying it's underfunded by $97.4 million.

A bankruptcy judge in Delaware last month approved the sale of Reichhold's business, partly in exchange for $46 million in junior secured debt. After the sale is completed this month, the Durham, North Carolina-based company won't have any active operations.

In October, the PBGC started the process of terminating the pension plan, whose benefits were frozen in December 2012. Reichhold arranged a Feb. 23 court hearing in Wilmington, Delaware, to seek approval of an agreement terminating the plan and handing the assets over to the PBGC.

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