{"id":4911,"date":"2020-03-18T12:02:23","date_gmt":"2020-03-18T17:02:23","guid":{"rendered":"http:\/\/hoorfarlaw.com\/blog\/?p=4911"},"modified":"2020-03-18T12:02:24","modified_gmt":"2020-03-18T17:02:24","slug":"newspaper-giant-mcclatchy-files-for-bankruptcy","status":"publish","type":"post","link":"https:\/\/hoorfarlaw.com\/blog\/?p=4911","title":{"rendered":"Newspaper Giant McClatchy Files for Bankruptcy"},"content":{"rendered":"\n<p>Newspaper giant\nMcClatchy Co. \u2014 which owns the Kansas City Star and 29 other newspapers in 14\nstates \u2014 has filed for Chapter 11 bankruptcy protection and said it expects\nreorganize as a privately held company with debt holders taking over the\nequity. The company\u2019s total debt is over $700 million. Under terms of the chapter\n11 filing, first lien debt holders holding $218 million in debt will be\nexchanged for new-first lien notes at a sky-high interest rate of 10 percent.\nSecond and third lien debt holders would swap their debt for equity.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignright is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/thumbs.dreamstime.com\/b\/fictitious-newspapers-13425758.jpg\" alt=\"See the source image\" width=\"169\" height=\"119\"\/><\/figure><\/div>\n\n\n\n<p>The plan also calls for the PBGC to take over the pension plan, for the newspaper  publisher of give the board 3 percent of the equity in a newly reorganized company, and to make pension contribution of $3.3 million a year to the PBGC for ten years. <\/p>\n\n\n\n<p>Are you experiencing\ndebt issues? Contact our office at 816-524-4949 or visit our website:&nbsp;<a href=\"http:\/\/www.hoorfarlaw.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">www.hoorfarlaw.com<\/a>&nbsp;to explore options on how we can help you.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Newspaper giant McClatchy Co. \u2014 which owns the Kansas City Star and 29 other newspapers in 14 states \u2014 has filed for Chapter 11 bankruptcy protection and said it expects reorganize as a privately held company with debt holders taking &hellip; <a href=\"https:\/\/hoorfarlaw.com\/blog\/?p=4911\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[267,76,736],"class_list":["post-4911","post","type-post","status-publish","format-standard","hentry","category-general","tag-attorney","tag-bankruptcy","tag-debt"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/4911","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4911"}],"version-history":[{"count":1,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/4911\/revisions"}],"predecessor-version":[{"id":4912,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/4911\/revisions\/4912"}],"wp:attachment":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4911"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4911"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4911"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}