Chatham Asset Management Wins Auction for Bankrupt McClatchy

Chatham Asset Management won an auction for bankrupt news publisher McClatchy Co., besting opposition from Alden Global Capital and handing another collection of America’s struggling newspapers to an investment firm.

McClatchy didn’t immediately disclose the sale price, and the company said in a statement it will file additional details with the court in the coming days. Chatham and fellow McClatchy debt holder Brigade Capital Management previously said they would submit a bid worth more than $300 million, though much of it would be in the form of debt forgiveness.

The sale, which still needs court approval, continues a trend ...