“From the outset of this voluntary Chapter 11 filing, our aim was to permanently address both the company’s legacy debt and pension obligations and strengthen our balance sheet in order to provide greater certainty and stability to the wider group of our colleagues and stakeholders who benefit from a restructured McClatchy,” said Craig Forman, president and CEO of McClatchy. McClatchy is contributing an estimated $1.4 billion in pension assets to the PBGC. Notably, the company continues to expect that the Pension Benefit Guaranty Corporation (PBGC) will assume McClatchy’s qualified pension plan, The McClatchy Company Retirement Plan. The proposed agreement positions McClatchy to exit Chapter 11 protection in the third quarter of 2020, having achieved a resolution and restructuring of the company’s complex legacy debt and pension obligations, while maximizing value for the company’s creditors, McClatchy says. Bankruptcy Court in the coming days, McClatchy will transition out of Chapter 11 as it entered it: in its totality, as one company serving 30 communities across America through its iconic local news titles, from the Miami Herald and The Charlotte Observer to The Raleigh News & Observer, The Kansas City Star, Fort Worth Star-Telegram and The Sacramento Bee.

The company’s total debt was more than $700 million, according to reports.Ĭhatham Asset Management owns The National Enquirer and other supermarket tabloids.Īccording to McClatchy, under terms of the proposed agreement, which will be finalized and filed with the U.S. McClatchy’s pension plan was reported to be underfunded by about $535 million. The company’s filing came after it faced a mandatory $124 million contribution to its pension plan. McClatchy had filed for bankruptcy in February. –McClatchy Company, the owner of the San Luis Obispo Tribune and more than two dozen daily newspapers, announced Sunday that the auction held as a part of its court-supervised sale process has concluded with Chatham Asset Management deemed the successful bid.

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