McClatchy Says Chatham Asset Management Wins Auction Bid

Chatham Asset Management put in the winning bid for McClatchy’s court-supervised sale process, newspaper publisher says in statement.

  • Whole company is expected to emerge from Chapter 11 process with new ownership structure
  • McClatchy to exit Chapter 11 protection in 3Q
  • Company expects the Pension Benefit Guaranty Corporation (PBGC) to assume its qualified pension plan; McClatchy contributing an estimated $1.4b in pension assets to the PBGC
  • Agreement subject to court confirmation, currently scheduled for a hearing on July 24, as well as customary regulatory approvals and other customary closing conditions

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