Newspaper publisher McClatchy skips payment to pensioners
The McClatchy Co., the newspaper publisher that’s teetering near bankruptcy, skipped a payment to some of its pensioners.
The company will not be releasing funds to a “small number” of participants in its Supplemental Executive Retirement Benefits plan as it addresses its long-term liquidity pressures, McClatchy said in a statement Thursday. The company faces a mandatory $124 million contribution to its pension plan in 2020.
“This decision is not taken lightly, but at a time when the company is actively negotiating the future of the qualified pension plan, it would be inconsistent with our culture to continue payments on the non-qualified plans,” Chief Financial Officer Elaine Lintecum said in the statement.
There’s no impact on operations or benefits under McClatchy’s $1.3 billion qualified pension, whose distributions continue, according to the statement. In an interview, Lintecum said the company hired Kurtzman Carson Consultants LLC to assist with incoming calls about the skipped pension payments. Units of KCC also provide bankruptcy and restructuring consulting services.
https://www.msn.com/en-us/money/companies/newspaper-publisher-mcclatchy-skips-payment-to-pensioners/ar-BBYyOil?li=BBnbfcN
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