Chatham, Brigade Plan McClatchy Bid Worth More Than $300 Million

Chatham Asset Management and Brigade Capital Management plan to bid for bankrupt publisher McClatchy Co. in a deal worth more than $300 million, court papers show.

• Under the deal, Chatham and Brigade would bid their first-lien debt holdings, pay off certain professional fees and assume or refinance McClatchy’s debtor-in-possession loan, per court papers
  • The deal would make the parties McClatchy’s so-called stalking horse bidders, serving as a floor for further bids
  • Under the proposal, Chatham would get all of the equity in the reorganized McClatchy entity while Brigade will get term loans similar to the first-lien notes it currently holds, ...