FRESNO, Calif. (KFSN) -- Chatham Asset Management LLC plans to buy the country's second-largest news company newspaper published, McClatchy Co., the company announced on Sunday.
McClatchy, which owns 30 newspapers, including the Fresno Bee, filed for bankruptcy in February.
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The filing allowed the company to restructure its debts that stemmed from a $4.5 billion purchase of the Knight-Ridder newspaper chain in 2006.
Chatham, a hedge fund, did not put a price on the deal in its announcement. The agreement still needs the approval of a bankruptcy judge.