PBGC Says McClatchy Ch. 11 Moving Too Fast

Law360 (February 14, 2020, 6:16 PM EST) -- The Pension Benefits Guaranty Corp. told a New York bankruptcy judge Friday that newspaper chain McClatchy Co. is trying to move forward with its Chapter 11 plan too fast for creditors to organize or company finances to be probed.

At the hearing for McClatchy's first-day motion, the PBGC protested that under the company's proposals it will begin soliciting votes on its Chapter 11 plan Feb. 24, before the unsecured creditors committee is formed and before the PBGC says it can get information it is seeking about a 2018 debt refinancing involving McClatchy's proposed new owner.

"This timeframe is extremely truncated," PBGC...

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