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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