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Chatham hedge fund wins auction for bankrupt news publisher McClatchy

Chatham hedge fund wins auction for bankrupt news publisher McClatchy
Tuesday 14
3:1 2020

The plan is subject to bankruptcy court approval; a hearing is set for July 24. McClatchy, hobbled by debt and pension obligations, filed for Chapter 11 protection in February. Under the restructuring plan submitted to U.S. Bankruptcy Court in the Southern District of New York, Chatham, its largest investor outside of the McClatchy family, would emerge as the sole owner and take the company private. AD AD The publisher has said it received interest from more than 20 companies, but could provide no details about any of the bids after Judge Michael E. Wiles ordered them sealed. Competing hedge fund ...

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Read more from Washington Post : Chatham hedge fund wins auction for bankrupt news publisher McClatchy
Washington Post : Chatham hedge fund wins auction for bankrupt news publisher McClatchy

Summary: The deal, pending court approval, would take the publisher of the Miami Herald and Kansas City Star out of family control.

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