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Articles tagged Chatham Asset Management (7)

When McClatchy declared bankruptcy in February, its debts were crushing, but its operating numbers weren’t so bad. But the coronavirus ripped away more than a quarter of its revenue in just a few weeks.
The hedge fund Chatham Asset Management reeled in its prize, as expected. But now what does it want to do with it?
Tribune and McClatchy are both approaching critical deadlines that could lead to mergers, divisions — or even the first big nonprofit newspaper chain in the United States.
A new round of consolidation could kill off half of what were the major U.S. newspaper chains just a few months ago. But the possibility of platform cash is sparking hope.
Will Chatham Asset Management, the hedge fund set to gain control of the company, want to operate it after bankruptcy? Or will it look to cash out via merger as quickly as possible?
Worse, the two left standing could be run by hedge fund guys with little interest in more than the bottom line.
The nation’s second-largest newspaper company had paid off most of its old debt and still generates positive cashflow. But it might head to bankruptcy anyway so investors can get paid.