The PBGC holds a 23.4% stake in UAL Corp., the corporate parent of United Airlines, confirmed PBGC spokesman Gary Pastorius. According to a Schedule 13D filed Feb. 2 with the SEC, the pension agency owned 11.1 million shares of UAL common stock and 5 million shares of convertible preferred stock.
The agency received the common shares in UAL on Feb. 2, the day United stock began trading after emerging from Chapter 11 bankruptcy protection Feb. 1.
The PBGC owned the UAL shares as part of its deal with the airline to assume responsibility for United's pension plans. All of the airline's pension obligations were resolved before the airline emerged from Chapter 11 bankruptcy protection on Feb. 1, United spokeswoman Jean Medina has said.