Chatham Asset Management, the New Jersey hedge fund that is McClatchy Co.'s largest creditor, has won an auction to buy the bankrupt local news company.
Under the proposed deal that will be submitted to the bankruptcy court for approval, Chatham would buy the entire company, McClatchy said Sunday.
"As long-standing supportive investors in McClatchy, we are pleased with the outcome of the auction," Chatham said in a statement. "Chatham is committed to preserving newsroom jobs and independent journalism that serve and inform local communities during this important time."
