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McClatchy has begun the liquidation process, to end the corporations. They would not put it that way. But to pay the $50 million THIS year to the pension fund, they are selling numerous buildings and properties. Since their revenues and subscribers continue to drop, will the rest of their properties be sold next year? Then in the third year, what is left to hock?
"The company is leasing back the property from its pension plan for 10 years and will pay aggregate annual rent of approximately $4 million to the pension plan. The property will be managed by WhiteStar Advisors LLC, an independent real estate advisory firm hired by the pension plan. WhiteStar in turn hired independent real estate appraisers to determine the value of the real estate contributed to the plan, McClatchy says.
"We view this as a win-win transaction for both the pension plan and the company," says Pat Talamantes, McClatchy's chief financial officer. "Our pension plan will benefit from rental income from the company and from price appreciation as these properties hopefully gain in value over time. The company will, in turn, preserve its cash to repay debt."
McClatchy must have hired Dr. Kevorkian as their financial adviser.
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"The company is leasing back the property from its pension plan for 10 years and will pay aggregate annual rent of approximately $4 million to the pension plan. The property will be managed by WhiteStar Advisors LLC, an independent real estate advisory firm hired by the pension plan. WhiteStar in turn hired independent real estate appraisers to determine the value of the real estate contributed to the plan, McClatchy says.
"We view this as a win-win transaction for both the pension plan and the company," says Pat Talamantes, McClatchy's chief financial officer. "Our pension plan will benefit from rental income from the company and from price appreciation as these properties hopefully gain in value over time. The company will, in turn, preserve its cash to repay debt."
McClatchy must have hired Dr. Kevorkian as their financial adviser.
More...