McClatchy, 2nd largest newspaper in the country (owners of the Miami Herald and others), just BK'd, at least a Chapter 11 reorganization. Its bad enough that its a newspaper and understand that model is dead. However their idea of going digital is also not much of a future. Will be able to get into that conversation at another day.
What pushed McClatchy over the edge, once again its pension liability. From Kevin McClatchy
While we tried hard to avoid this step, there’s no question that the scale of our 75-year-old pension plan – with 10 pensioners for every single active employee
To put it into perspective, there are 24,500 current and future retirees w/less than 2800 active employees to pay for it. To pay its pensioneers, McClatcy was selling off assets to pay. Pensioneeres, get ready to know the Pension Benefit Guaranty Corp and find out what your "New" retired life will look like.
Keep your eye out many more "old" companies are going to be forced into the same position. But hey offload it to PBGC and get back on with life.