McClatchy Files Chapter 11 Bankruptcy, Works Toward Restructuring
While many were celebrating Valentine’s Day, McClatchy was not enjoying hearts and flowers. Instead, McClatchy Co. was trying desperately to save itself and 53 wholly owned subsidiaries by filing a voluntary Chapter 11 petition for bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York. Filing a Chapter 11 bankruptcy petition provides the company with immediate protection while it tries to reach an agreement with secured lenders, bondholders, and the Pension Benefit Guaranty Corporation (PBGC).
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