McClatchy’s largest
creditors offered to buy the bankrupt media company Thursday as a strategy to set a floor for the media conglomerate's sale price.
Chatham Asset Management
and Brigade Capital Management offered “well in excess” of $300 million as a “stalking horse,” meaning no one else would be allowed to offer less.
Any settlement will free
McClatchy from pension obligations, dumping that cost onto the federal pension
protection program.
Knight Rider was acquired
by McClatchy in 2006 but sold the BJ almost immediately to Canada’s Black
Press. Gatehouse Media bought the BJ frm Black Press in 2018. John Knight inherited the
debt-ridden BJ in 1933 from his father, Charles Landon Knight.
McClatchy has controlled
the company since the California Gold Rush.
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