Two Hedge Funds Have Offered to Buy McClatchy

Chatham Asset Management and another fund called Brigade Capital Management have offered to swap $263 million of McClatchy debt for 100% ownership of the company as it emerges from Chapter 11 bankruptcy reorganization.

The so-called “stalking horse” bid was offered April 16, and the two companies said that they hope for action by early July. That means the company may entertain other, higher bids if it receives them during that time.

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