The Pension Benefit Guaranty Corp. said on Friday that it has assumed responsibility for The McClatchy Company Retirement Plan, Pensions & Investments reported. In July, the Sacramento, Calif.-based company said that it expected the transfer as part of a court-supervised sale to Chatham Asset Management after it filed for chapter 11 protection in February. On Aug. 4, the bankruptcy court approved the sale of substantially all assets of McClatchy and its 23 subsidiaries, and the pension plan was terminated as of Aug. 31. The PBGC estimated that McClatchy's plan is 57 percent funded with about $1.3 billion in assets and $2.3 billion in benefit liabilities.
