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WLMAS vindicated! McClatchy posts record financials, growth off Mueller reportin
| Gaped yellow pit | 11/19/19 |
| pearly black woman | 11/19/19 |
| spruce set alpha | 11/19/19 |
| Rough-skinned spectacular quadroon newt | 11/19/19 |
| Rough-skinned spectacular quadroon newt | 11/19/19 |
| .,.,.,.,.,...,.,,.,,.....,.,..,.,,...,.,.,,...,. | 07/24/25 |
Poast new message in this thread
Date: November 19th, 2019 11:59 AM Author: Gaped yellow pit (Bloomberg) -- The McClatchy Co., the storied news publisher weighed down by pension obligations and debt, could file for bankruptcy within the next year, according to analysts.
The company faces a mandatory $124 million contribution to its pension plan in 2020.
“If they can’t offload the pensions or get pension plan relief, they’ll have to file for bankruptcy,” said media analyst Craig Huber, founder of Huber Research Partners LLC, who has followed the company since 1995. In an interview, Huber estimated McClatchy would have free cash flow of less than $20 million next year, a fraction of what it needs to cover its pension obligations.
A representative for the company declined to comment. In its third-quarter earnings release last week, McClatchy said the pension contribution created “a significant liquidity challenge in 2020.” It also warned in regulatory documents that it may not be able to continue as a going concern.
Newspaper Roster
The Sacramento, California-based company operates 29 newspapers including the Miami Herald, The Charlotte Observer and The Kansas City Star. Other large newspaper companies are also in turmoil, with tens of thousands of newsroom jobs cut over the past decade.
S&P Global Ratings forecast a grim 2020 for McClatchy and last week downgraded it by two notches to CCC-, warning that the company doesn’t have enough money to pay its 2020 obligations.
“It could engage in a distressed debt exchange or file for Chapter 11 bankruptcy before September 2020, when the bulk of its mandatory pension contributions are due,” S&P analysts Thomas Hartman and Vishal Merani wrote in a report.
McClatchy’s pension plan is underfunded by about $535 million. The company asked the federal government to waive its required contribution, but was denied. McClatchy is in talks with Chatham and the Pension Benefit Guaranty Corporation, a federal agency, about the possibility of the PBGC assuming the plan’s assets and obligations, the company said Nov. 13.
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Date: November 19th, 2019 12:00 PM Author: pearly black woman These guys came up with a few of the very biggest Whoppers in the RUSSIAN COLLUSION era. Good for them for trying, I guess. (http://www.autoadmit.com/thread.php?thread_id=4384742&forum_id=2...id.#39139639) |
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Date: November 19th, 2019 12:23 PM Author: spruce set alpha Pensions lmao (http://www.autoadmit.com/thread.php?thread_id=4384742&forum_id=2...id.#39139788) |
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Date: November 19th, 2019 12:25 PM Author: Rough-skinned spectacular quadroon newt Anyone who has a pension from a private company is going to be fucked (http://www.autoadmit.com/thread.php?thread_id=4384742&forum_id=2...id.#39139803) |
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Date: November 19th, 2019 12:24 PM Author: Rough-skinned spectacular quadroon newt The company faces a mandatory $124 million contribution to its pension plan in 2020.
The company faces a mandatory $124 million contribution to its pension plan in 2020.
The company faces a mandatory $124 million contribution to its pension plan in 2020.
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Date: July 24th, 2025 4:05 PM Author: .,.,.,.,.,...,.,,.,,.....,.,..,.,,...,.,.,,...,. (http://www.autoadmit.com/thread.php?thread_id=4384742&forum_id=2...id.#49128260) |