McClatchy filed for Chapter 11 bankruptcy protection in February after grappling with a pension crisis and the news industry's financial challenges.
McClatchy"will transition out of Chapter 11 as it entered it: in its totality, as one company serving 30 communities across America," according to the release. Its other properties include The Charlotte Observer and The Sacramento Bee.
"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," Craig Forman, the newspaper chain's president and CEO, said in the release.
The company said it hopes to exit Chapter 11 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."
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