IndyMac proposes deal on $8 million of Pension Benefit Guaranty claims

By Kali Hays

New York, Jan. 20 – IndyMac Bancorp, Inc. is seeking approval of a stipulation with the Pension Benefit Guaranty Corp. (PBGC) resolving its claims totaling $8.26 million, according to a Jan. 16 motion with the U.S. Bankruptcy Court for the Central District of California.

If approved, the stipulation will reduce the claims of PBGC to a single allowed unsecured claim of $3.19 million and disallow any other PBGC claim with prejudice.

The claims are related to alleged unliquidated amounts in flat-rate and variable-rate premiums that arose before IndyMac filed for bankruptcy in 2008, according to the motion.

After PBGC presented IndyMac’s Chapter 7 trustee with documentation of its claims, the company decided that a settlement would be in the best interest of the estate for the avoidance of further litigation costs.

A hearing to consider the stipulation is scheduled for Feb. 11.

IndyMac, a Pasadena, Calif., bank holding company, filed for bankruptcy on July 31, 2008. The Chapter 7 case number is 08-21752.

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