Newspaper publisher McClatchy Co. has submitted for Chapter 11 bankruptcy security as it seeks to restructure more than $seven hundred million in personal debt.
The organization publishes 30 newspapers which include The Miami Herald, The Kansas Town Star, and The Sacramento Bee.
Pending court docket approval, sixty% of its personal debt would be eliminated and regulate of the organization would be presented to McClatchy’s biggest creditor, the hedge fund, Chatham Asset Management.
Chatham Asset Management also owns a bulk stake in the National Enquirer and Postmedia, the biggest Canadian newspaper chain.
“When regional media suffers in the experience of market