McClatchy announced that it filed an asset purchase agreement with the U.S. Bankruptcy Court, formalizing the details of Chatham Asset Management's ("Chatham") successful bid for ownership of McClatchy in the Chapter 11 sale process. The filing is a key milestone in the reorganization and paves the way for a change in control of the 163-year-old news company. Under Chapter 11 rules, the proposed asset purchase is scheduled for consideration by the Court for approval at a hearing on August 4. 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. As part of the transition, Chairman Kevin McClatchy, President Craig Forman and fellow Board Directors announced plans to depart from the company when the transaction closes by the end of the third quarter. Kevin McClatchy has served on the Board since 1998 and led it as Chairman for eight years, working closely with Board members and the management team to expand McClatchy's footprint to serve communities across America and transition the company to serve customers in a digital era. Craig Forman joined the McClatchy Board in 2013 and at its request stepped into the President and CEO role in 2017 to accelerate the company's digital transformation.