Chatham Asset Management won the auction bid to acquire substantially all the assets of The McClatchy Company in a bankruptcy sale on July 12, 2020. Chatham Asset Management entered into asset purchase agreement to acquire substantially all the assets of The McClatchy Company for approximately $310 million on July 24, 2020. Under the agreement, Chatham will acquire McClatchy for $263 million in a credit bid of the Company's first-lien debt, plus new money consideration of $49 million in cash and the assumption of additional liabilities. All employees will be offered their current job with new McClatchy. As part of the transition, Chairman Kevin McClatchy, President and Chief Executive Officer Craig Forman and fellow Board Directors plans to depart from The McClatchy Company. As announced on August 7, 2020 Tony Hunter will become Chief Executive Officer of The McClatchy Company after its sale to Chatham Asset Management. The transaction is subject to approval of US Bankruptcy Court, approval of Board of Directors of The McClatchy Company, as well as customary regulatory approvals, antitrust approval under HSR Act and other customary closing conditions. The proposed asset purchase is scheduled for consideration by the Court for approval at a hearing on August 4, 2020. As of August 4, 2020, U.S. Bankruptcy Court for the Southern District of New York approved the transaction. As of August 20, 2020, Federal trade commission approval was received. The transaction is to close by the end of the third quarter. As of July 31, 2020, the deal is expected to close on or prior to September 4, 2020. Andrew N. Rosenberg, Elizabeth R. McColm and Chaim P. Theil of Paul, Weiss, Rifkind, and Wharton & Garrison LLP acted as legal advisor to Chatham Asset Management. Van C. Durrer II and Thomas J. Ivey of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to McClatchy. Douglas Mannal of Kramer Levin Naftalis & Frankel LLP acted as legal advisor to The McClatchy Company and Chatham Asset Management. Evercore Inc. (NYSE:EVR) acted as financial advisor to The McClatchy Company (OTCPK:MNIQ.Q) in the transaction. Moelis & Company LLC acted as financial advisor to the official committee of unsecured creditors of The McClatchy Company. Chatham Asset Management completed the acquisition of Substantially All the Assets of The McClatchy Company on September 4, 2020. As of September 4, 2020, the entirety of McClatchy's 30 news organizations and all of its employees transitioned to a new private entity under Chatham ownership. The new company will retain The McClatchy Company name. McClatchy has appointed a new Board of Directors of which Hunter has been named Chairman. Additional members of the Board include two independent directors John Bode and Jamal Mashburn. Jefferies Group LLC acted as financial advisor to Pension Benefit Guaranty Corporation in the transaction.