Posted on 02/13/2020 9:04:53 AM PST by Red Badger
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 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 ...
I wonder if there were any editorials/stories denouncing Trump for his bankruptcies in any of their media.
Every private party bankster gets paid . . .
Criminally underfunded pension plan of “promises, promises, promises” gets dumped onto the taxpayers.
Sound familiar?
“””””””“While we tried hard to avoid this step, there’s no question that the scale of our 75-year-old pension plan – with 10 pensioners for every single active employee – is a reflection of another economic era.””””””””””””
So screw all the pensioners and carry on as usual.
Liberal fake news... hope they don’t make it.. create a fair and balanced product for the masses and you might stay in business. Trash 50% of your potential customers and this is what happens.
These are the knuckleheads that Devin Nunes is suing.
I wonder if they are trying to head him off at the pass...
Hope they learnt to code?
Winning!!!
McClatchy filed bankruptcy because they suck.
Bull$hit. They filed to protect themselves against Nunez’s lawsuit.
Newspapers everywhere are struggling.
It’s likely that very few actual printed newspapers will be around in the future. Many younger people never read an actual printed newspaper. Many newspaper companies will be online, but it’s so competitive, some newspapers may go out of business completely.
Remember how decades ago, many cities had a morning paper and an evening paper? The evening papers disappeared. And now the printed edition of the paper is disappearing. The newspaper business has an obsolete business model.
>>>These are the knuckleheads that Devin Nunes is suing.
Declaring bankruptcy, how special!
The old adage:
“Never argue with a man who buys ink by the barrel.”
Should be updated to:
“Never argue with a man who buys Cloud Space by the Terabyte.”...................
I’ve been screwed by customers going Chapter 11 and then staying in business by what amounts to stealing my money.
“Restructuring debt” is a weasel word euphemism for robbing your vendors.
If a company can’t work out deals with those to whom they owe money they should not be able to use the power of a judge to screw their suppliers and merrily go on their way. Just go out of business.
Just really pisses me off. Bankruptcy courts are a sick joke and much abused.
Even more exciting were the “extras” and updated editions (so you had to have city final—the bulldog— for the last one that night). Walking or driving past newsstands or boxes with Killer Still Loose—Two More Die or Prez Says No. DC to Shit Down at Midnight.”
Citizen Kane had the line of a certain time at night and the retired Kane saying to his wife “They’ll be putting the bulldog to bed about now.” “Hooray for the bulldog” his wife said, bored.
Trump held up that printed WaPo saying Trump Acquitted. Historic. Not a stupid smartphone with a little image of an online item.
I’m a Luddite and I hate living in this smartphone, computer world. Drudge (who based his early career on Walter Winchell, the print journalist) updates with red headlines and siren to be like the old newspapers.
It will end soon with independent AI and robots and androids deciding “humans are no longer cost effective vestiges of the past. We rule now. Exterminate them all.”
Typo alert
Sorry-—DC to SHUT down at midnight. Sorry.
We live in a small town with a 3 day a week paper.
We used to get it for local news and events. But it is such a puke leftist paper I quit paying for it.
I’ve always enjoyed reading the paper in the morning. At least until most of them turned into Democrat cheerleaders and produced opinion pieces thinly disguised as “news” reporting.
I had a little run in with a reporter at the Tampa Tribune in the 90s on a piece he wrote. After I proved that most of what he wrote in the piece was the near opposite of the facts, he admitted I was correct (that galled him!) but then said he/the paper would not print any sort of correction. IOW, the facts were what they wanted them to be and I could piss off.
The story revolved around the hoax that the AIDS epidemic was a heterosexual epidemic. Which the Trib was all in for.
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