Corus Bankshares: PBGC granted $15 million claim under settlement

By Lisa Kerner

Charlotte, N.C., - Corus Bankshares, Inc.'s settlement with the Pension Benefit Guaranty Corp. was approved by the U.S. Bankruptcy Court for the Northern District of Illinois on Thursday, according to an attorney familiar with the case.

As previously reported, the PBGC filed claims against Corus in connection with the termination of the Corus Bankshares, Inc. Retirement Income Plan and Trust.

Under the settlement with the PBGC, the agency will have a $15 million allowed unsecured claim against Corus.

In addition, any outstanding pension insurance premiums as of the pension plan termination date will be transferred to PBGC trusteeship and paid by the agency.

Corus, a Chicago-based bank holding company, filed for bankruptcy on June 15, 2010. Its Chapter 11 case number is 10-26881.

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