MACON, Ga. — The McClatchy company said Thursday it will continue to run normally as it pursues court approval of its restructuring plan under Chapter 11.
The company owns 30 newsrooms nationwide, including The Charlotte Observer, The News & Observer in Raleigh, and The Star-Telegram in Fort Worth.
McClatchy says all those papers will continue to operate as usual.
In a news story posted to its newspapers' websites Thursday, McClatchy reported that the move would "end family control of America’s second largest local news company and hand it to creditors who have expressed support for independent journalism." They identified the likely owner as the hedge fund Chatham Asset Management LLC.
The company reported that it hopes to restructure its debts and "shed much of its pension obligations."
They're asking federal bankruptcy judges to approve their plan to eliminate about 60 percent of its debt as they try to "reposition for a digital future."
According to the article, McClatchy expects fourth-quarter revenue of $183.9 million, down 14% from 2018.
Last year's revenue is expected to drop 19% from the previous year.
Blake Kaplan, the executive editor at The Telegraph, sent 13WMAZ the following statement: "The Telegraph is operating as usual today. We remain fully focused on producing independent, local journalism that serves our communities. Nothing about the news today changes our focus or mission. We appreciate the continued support of our readers and our community."
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