CHATHAM ASSET MANAGEMENT TO BUY MCCLATCHY

McClatchy announced Sunday morning that its longtime lead lender, hedge fund Chatham Asset Management, has won the auction to buy the company out of Chapter 11 bankruptcy reorganization.

Poynter Media Studies said the deal still requires court approval, likely at a hearing July 24. A sale price was not immediately revealed but will be as the deal is finalized.

Unsecured creditors including the Pension Benefit Guaranty Corporation and a group of retired executives who contend they are due supplemental bonuses have objected and said that the company and Chatham engaged in a “fraudulent transfer” when refinancing debt in 2018.

Judge Michael Wiles did not rule last week on their request to be given standing to sue but indicated that he will soon.