The McClatchy Company has received a takeover offer from Chatham Asset Management and Brigade Capital Management, the offer includes the forgiveness of $263M in first-lien debt and additional cash consideration of $30M.
"We appreciate the support of our principal existing lenders, who have come to the table with an offer that is generally consistent with our goals of addressing our legacy balance sheet issues and emerging from Chapter 11 as a viable going concern, while continuing to provide strong independent, local journalism in the public interest. Our mission of producing essential local news and information for the communities we serve has never been more vital."
Craig Forman, President and Chief Executive Officer
McClatchy has been struggling for over a decade and this deal could be the lifeline needed to make it through the falling ad spending during the COVID-19 crisis.