According to a recent press release from McClatchy Co., the owners of the Merced Sun-Star, Fresno Bee, Modesto Bee and over 30 newsrooms filed for bankruptcy today February 13th, 2020.
The press release also states, the Chapter 11 filing will allow McClatchy to restructure its debts and, it hopes, to shed much of its pension obligations.
The company hopes to eliminate 60 percent of its debt as the news organization tries to reposition for a digital future.
McClatchy is expected to be led by hedge fund Chatham Asset Management LLC, they would operate McClatchy as a privately held company, employees will not be affected, the report says.
Read the full report here