Newspaper publisher McLatchey company filed for bankruptcy. The 163-year-old publisher of the Sacramento Bee, the Fresno Bee and the San Luis Obispo Tribune, initiated chapter 11 restructuring in US bankruptcy court in New York.
No word how the filing in New York will impact the San Luis Tribune, but if the bankruptcy court agrees, it means a hedge fund group will take over the operation of the newspapers company. There may be drastic cuts to their operation.
McLatchey has been losing millions of dollars every year.