Monday, March 30, 2020

Judge approves funding for McClatchy


McClatchy won a number of court decisions in a hearing March 25. The decisions “cleared the way for short-term financing and kept alive the local news organization’s hope for a fast exit from bankruptcy,” said a story from the company’ s Washington bureau.
Judge Michael E. Wiles approved $50 million for McClatchy to turn to during the bankruptcy.
The hearing also zeroed in on an investigation into transactions between McClatchy and its top creditor, as a government lawyer claimed that the case likely depends on the matter, the story reported.
Wiles ruled against two motions: one aimed at removing McClatchy’s outside legal counsel and another to stop a second law firm from looking into the transactions.
The hearing took place by telephone.
News and Tech

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