McClatchy, publisher of dozens of U.S. newspapers, files for bankruptcy protection
The publisher of the Miami Herald, The Kansas City Star and dozens of newspapers across the country is filing for bankruptcy protection.
The publisher's 30 local newsrooms will continue to operate as usual as McClatchy Co. reorganizes under Chapter 11 bankruptcy protection.
The company's origins date to 1857 when it first began publishing a four-page paper in Sacramento, California, following the California Gold Rush. That paper became The Sacramento Bee.
McClatchy has received $50 million debtor-in-possession financing from Encina Business Credit. That, combined with normal operating cash flows, will provide enough cash for the company, still based in Sacramento, to continue to function.
“When local media suffers in the face of industry challenges, communities suffer: polarization grows, civic connections fray and borrowing costs rise for local governments," said CEO Craig Forman. "We are moving with speed and focus to benefit all our stakeholders and our communities.”
https://www.nbcnews.com/news/all/mcclatchy-publisher-dozens-u-s-newspapers-files-bankruptcy-protection-n1136256
= new reply since forum marked as read
