PBGC Critiques Sun-Times' Bidding Procedures

Law360, New York (September 18, 2009, 6:18 PM EDT) -- The Pension Benefit Guaranty Corp. has taken issue with the bidding procedures for Sun-Times Media Group's proposed $5 million Chapter 11 asset sale, saying they do not take into account that a prospective bidder may wish to assume one or more of the seven defined benefit pension plans sponsored by the company.

In court documents filed Sept. 17 with the U.S. Bankruptcy Court for the District of Delaware, PBGC further said Sun-Times' bidding procedures failed to provide that in determining the successful bid, the debtors will...
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