McClatchy Files Ch. 11, Cites 'Grim Reality' Of News Industry

Law360 (February 13, 2020, 11:38 AM EST) -- McClatchy Co. filed for bankruptcy on Thursday with more than $700 million in debt, most of it pension obligations, and plans to hand over control to creditors in what it called yet another reminder of the “grim reality facing the local news industry.”

McClatchy Co., the publisher of The Sacramento Bee and dozens of other U.S. newspapers, filed for Chapter 11 bankruptcy Thursday. (Getty) In court documents McClatchy said it’s secured a $50 million debtor-in-possession loan from Encina Business Credit LLC to fund its Chapter 11, which is centered around a proposed debt for equity swap that would end the McClatchy...

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