BELLINGHAM, Wash. — More financial broadsides have the parent company of The Bellingham Herald on the ropes.
Forbes.com reports McClatchy Newspapers’ stock dropped 66% on Friday after the company announced it couldn’t make a scheduled $124 million payment to its employee pension plan next year.
It’s also asking its biggest creditor to restructure its debt and took a $300 million devaluation of its newspapers.
Forbes says McClatchy stock is languishing at 61-cents per share and could be delisted by the New York Stock Exchange.
It’s expected the company will face a sale, bankruptcy or insolvency.
In addition to the Herald, McClatchy owns The Olympian, The Tacoma News Tribune and Kennewick’s Tri-City Herald in Washington state.