McClatchy Sees ‘Multiple Bids’ for Assets by Wednesday Deadline

Bankrupt McClatchy Co. expects “multiple bids later today” for the business in addition to the known bid from Chatham Asset Management, Van Durrer II of Skadden Arps says on behalf of the publisher during a hearing.

• “There has been a tremendous amount of diligence that has taken place,” Durrer says, adding the bidders involved have hired “high-powered” legal and financial professionals
• Wednesday, July 1, is the deadline for bids
• PREVIOUSLY: Chatham, Brigade Plan McClatchy Bid Worth More Than $300 Million
• The case is The McClatchy Company, 20-10418, U.S. Bankruptcy Court for the Southern District of New York (Manhattan) ...