The article is a reasonable honest company look at what happened. And why. The fact that it didn't get pension relief from Congress a couple of years ago? I suspect that's due to McClatchy being slightly less subservient than some media chains, and even more, that several of its papers are in California, including in at least slightly reddish areas, but refusing to cow-tow to Republicans, including a Central Valley Congresscritter.
OF course, this means hedge fund types likely gain control of the company.
In McClatchy's case, it's Chatham Asset Management.
Chatham already has newspaper holdings. Like National Enquirer parent American Media. And media distributorship holdings. And it has sharp elbows. And Nieman Labs reminds us that it's the majority owner of Postmedia, Canada's largest (and only really major) newspaper chain.
What a shame.
I'm sure the post-bankruptcy carcass will be a stinky one.
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