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Fly News Breaks for February 14, 2020
MNI
Feb 14, 2020 | 12:12 EDT
Noble Capital analyst Michael Kupinski downgraded McClatchy to Market Perform from Outperform after the company filed for voluntary Chapter 11. The company plans to go private in a transaction that will swap a large portion of its debt for equity, Kupinski says, adding that the company could have a moderate $299M in long-term debt and modest pension funding obligations. The analyst says his previous Outperform rating was viewed as an option on the company's reorganization that could leave some value for the equity, which the proposal does not do.
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