The parent company of the Kansas City Star filed for Chapter 11 bankruptcy on Thursday. McClatchy Company, which owns a number of newspapers across the country including the Wichita Eagle, is moving from print to digital in an effort to shed its debts.
McClatchy has taken a loan from Encina Business Credit in order to keep the company solvent. “When local media suffers in the face of industry challenges, communities suffer: polarization grows, civic connections fray and borrowing costs rise for local governments,” said CEO Craig Forman. “We are moving with speed and focus to benefit all our stakeholders and our communities.”
KCUR Provided information for this article: https://www.kcur.org/post/kansas-city-star-parent-files-bankruptcy-protection#stream/0