Skip to comments.McClatchy files bankruptcy to shed costs of print legacy and speed shift to digital
Posted on 02/13/2020 11:53:07 PM PST by Mozilla
McClatchy Co. filed for bankruptcy Thursday, a move that will end family control of Americas 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 55 percent of its debt would be eliminated as the news organization tries to reposition for a digital future.
The likely new owners, if the court accepts the plan, would be led by hedge fund Chatham Asset Management LLC. They would operate McClatchy as a privately held company. More than 7 million shares of both publicly available and protected family-owned stock would be canceled.
(Excerpt) Read more at mcclatchydc.com ...
No, it's a reflection of very-very bad management. McClatchy management lied to employees and underfunded its pension plans. Now it wants the US government, you and me, to bail it out. It will screw its retirees, employees, and us taxpayers, so that the current management team, the ones who perpetuated the scan, can keep working.
I read the article and they are turning over the “pension” to a federal program and contributing 3.3 million yearly to fund it. Not knowing what their obligations are to its retirees money wise ,its hard to know what 3.3 million a year can cover and what is going to be picked up by us (taxpayers.)
In rural regions...the red counties that Trump carried, I think the small stations are still ‘bread and butter’ to the public.
Didn’t know about that one.
I called one of their rags “a McClatchy operation” with disgust to one of their operatives (no personal insult was meant to him when I said it).
I said I didn’t read the rag because it was a McClatchy operation.
I wonder what he thinks about it today.
11 cents now?
(when I checked a few minutes ago - the CNBC site crashed my browser)
McClatchy Co (MNIQQ:OTCPK)
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0.11 -0.6398 (-85.3%)
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