Bankruptcy

Yuma Energy Files for Bankruptcy, Plans to Liquidate

Yuma Electricity has filed for Chapter eleven personal bankruptcy security in the U.S. Personal bankruptcy Court for the Northern District of Texas. The enterprise reported its income posture deteriorated in the 1st quarter of 2020 and its income movement from operations was no extended adequate to go over its functioning charges.

It was in search of courtroom approval to maintain an auction “for considerably all” of its assets, it reported. The auction is envisioned to take place in the 1st ninety days of the personal bankruptcy. The assets are generally attributes in Louisiana, Texas, Wyoming, and Oklahoma.

Yuma reported it may possibly negotiate for new debtor-in-possession financing but was not specified those people negotiations would be thriving. The enterprise designs to carry on to run its organization in the regular training course in the course of the personal bankruptcy process.

“Our revenues and income posture have eroded to the level

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Newspaper Publisher McClatchy Files for Bankruptcy

Newspaper publisher McClatchy Co. has submitted for Chapter 11 individual bankruptcy safety as it seeks to restructure much more than $seven hundred million in credit card debt.

The organization publishes 30 newspapers together with The Miami Herald, The Kansas City Star, and The Sacramento Bee.

Pending court docket acceptance, sixty% of its credit card debt would be eradicated and management of the organization would be offered to McClatchy’s most significant creditor, the hedge fund, Chatham Asset Administration.

Chatham Asset Administration also owns a bulk stake in the National Enquirer and Postmedia, the most significant Canadian newspaper chain.

“When regional media suffers in the deal with of marketplace problems, communities endure: polarization grows, civic connections fray, and borrowing costs increase for regional governments,” chief govt officer Craig Forman reported. “We are going with pace and target to reward all our stakeholders and our communities.”

McClatchy reported it has acquired $fifty million

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