Chatham Asset Management to Buy McClatchy for More Than $300m

Hedge fund Chatham Asset Management will buy bankrupt publisher McClatchy Co. via $263 million of debt forgiveness and $49 million of cash, plus the assumption of certain liabilities, according to a company statement.

• The purchase agreement, which needs bankruptcy court approval, outlines that all employees will be offered their current job with equivalent compensation, benefits and full credit for service years: statement
  • The agreement also provides that new McClatchy will honor all current collective-bargaining agreements, per statement
• “This important step towards a resolution of our reorganization will provide greater certainty and stability to the wider group of employees and stakeholders ...