Chatham Asset Management to buy McClatchy Co., owner of the Fresno Bee, company says

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.

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.