McClatchy Hopes To Buy Time By Amending Debt Agreements

The McClatchy Co., publisher of newspapers like The Miami Herald, The Sacramento Bee and The News & Observer in Raleigh, N.C., announced last week that it had changed some of the terms of its debt agreements in the hope of staying alive for the foreseeable future.

The amendments to McClatchy’s $1.15 billion existing debt will allow the company to exchange the current debt for cash and new debt. The company’s total debt will also be reduced and McClatchy will have longer to repay it, but it will have to paid back at a higher interest rate.

The

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