McClatchy and the CARES Act

 

The CARES Act has allowed McClatchy to postpone contributions to its pension fund until January 2021, the New York Post reported. The company also got a tax refund of $11.7 million because of CARES, according to a filing with the Securities and Exchange Commission, the Post reported. 

McClatchy is operating under Chapter 11 bankruptcy. 

McClatchy has said it will give 77 percent of that refund to unsecured creditors. Pension Benefit Guaranty Corp. is one of the company’s top unsecured creditors and is taking over the pension plan. The pension plan is gauged to be underfunded by some $1 billion, the paper says. McClatchy is planning to wrap up its sale to hedge fund Chatham Asset Management in September.

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