A new term sheet for McClatchy provides for its senior secured lenders - hedge fund firms Chatham Asset Management and Brigade Capital Management - to acquire the struggling newspaper chain.
There has been widespread speculation over such a move that is consistent with the bankruptcy process.
Earlier this month, the nation’s second largest newspaper company began soliciting acquisition proposals to acquire the company through its voluntary Chapter 11 restructuring.
The term sheet submitted by the hedge funds offer a credit bid of McClatchy’s first-lien debt of $263 million plus an additional $30 . . .
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