NEW YORK (Reuters) - A U.S. agency that insures worker pensions sought permission on Friday to take over two underfunded Sears Holdings Corp pension plans, after objecting to Sears Chairman Eddie Lampert’s proposed $5.2 billion buyout of the bankrupt retailer.
In a complaint filed in Chicago federal court, the Pension Benefit Guaranty Corp asked to be named trustee of the pension plans, which it said are underfunded by $1.4 billion and cover about 90,000 Sears and Kmart employees and retirees.
The PBGC also asked that the plans be terminated as of Jan. 31, 2019.
Friday’s request came six days after the PBGC objected to the takeover of Sears by Lampert’s hedge fund ESL Investments, which had won an auction for the Hoffman Estates, Illinois-based retailer last month.