Press "Enter" to skip to content

McClatchy files Chapter 11 bankruptcy after pension woes



rssfeeds.usatoday.com

Newspaper chain McClatchy, owner of publications such as The Miami Herald and Kansas City Star, filed for Chapter 11 bankruptcy protection Thursday after grappling with a pension crisis and the news industry’s financial challenges.

The Sacramento, California-based company, whose 30 newsrooms also include the Fort Worth Star-Telegram and The Charlotte Observer, has arranged a deal to transfer ownership to “new owners” who would be “led by” one of its lenders and its largest shareholder, hedge fund Chatham Asset Management, McClatchy reported Thursday.

As part of the deal, the McClatchy family is expected to give up control of the company after more than 160 years.

“McClatchy remains a strong operating company with an enduring commitment to independent journalism that spans five generations of my family,” Kevin McClatchy, chairman of McClatchy’s Board of Directors and great-great grandson of the company’s founder, James McClatchy, said in a statement.





Source link

Brett Gonzalez
Author Details
Content Writer At Healthcare Industry Reports

Brett loves to read and write about business and thus, has some of the best contents regarding business penciled down for a number of reputed portals. Brett has successfully completed 2 Years with the Healthcare Industry Reports portal. He plans to have a part-time course chosen for all the juniors to be educated in the field of writing. Brett shifted to writing almost immediately after the completion of a degree in Business Administration. He plans to share his skills through writing. Brett’s career choice seems to have been excellent as we are being blessed with some of the most informative articles on a constant basis.

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *