McClatchy reports on itself:
McClatchy Co. filed for bankruptcy Thursday, a move that will end family control of America’s second largest local news company and hand it to creditors who have expressed support for independent journalism. The Chapter 11 filing will allow McClatchy to restructure its debts and, it hopes, shed much of its pension obligations. Under a plan outlined in its filing to a federal bankruptcy court, about 60 percent of its debt would be eliminated as the news organization tries to reposition for a digital future.
The filing has no immediate impact on McClatchy’s employees or its 30 newsrooms in 14 states, including the Kansas City Star, the Miami Herald, the Charlotte Observer, the Fort Worth Star-Telegram and the Sacramento Bee. The company said it has secured $50 million in new financing from Encina Business Credit to ensure it can continue to operate while in bankruptcy and hopes to emerge with its balance sheet equipped for the future.
McClatchy, which operates 30 newsrooms in 14 states, including the Miami Herald, Charlotte Observer, and Kansas City Star, has filed for bankruptcy: https://t.co/QxfzNR6SQS
— Michael Calderone (@mlcalderone) February 13, 2020
“McClatchy was the proverbial dog that caught the car, buying its larger competitor Knight Ridder in March 2006 for $4.5 billion in cash and stock. It also assumed $2 billion of Knight Ridder debt.” https://t.co/w3mGFZEL6J
— Amanda Kolson Hurley (@amandakhurley) February 13, 2020