Questions From Pension Agency Might Slow Down McClatchy's Bankruptcy Process
Bankruptcy proceedings for McClatchy Co. began Friday with a key government agency saying it opposed quick resolution of pension matters because of concerns about a 2018 transaction between the company and its largest creditor, Chatham Asset Management.
The Pension Benefit Guaranty Corporation, which takes over pensions in the event of company distress, argued against a request by McClatchy and Chatham to move immediately to mediation. The judge delayed a decision on the mediation request until Tuesday.
“We are not close,” Kimberly E. Neureiter, an attorney for the PBGC, told Judge Michael E. Miles.
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