Monday, August 24, 2020
McClatchy and the CARES Act
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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