McClatchy Plans Debt Exchange at Big Discount
Wall Street Journal, May 21, 2009
By Kevin Kingsbury
Debt-laden newspaper publisher McClatchy announced plans to exchange $1.15 billion in notes at a significant discount. McClatchy's woes predate the housing market collapse in Florida and California -- where it has a notable presence -- as the company went on a debt-fueled growth spurt at the top of the market, just before ad revenue turned south.
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