Amid cash flow and liquidity issues, The Kansas City Star's parent company is not releasing some pension benefits to a small number of participants.
The McClatchy Co. (AMEX: MNI) is attempting to get out of debt following the $4.5 billion acquisition of Knight Ridder in 2006. The Kansas City Star was part of the purchase.
“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 nonqualified plans,” McClatchy Chief Financial Officer Elaine Lintecum said in a news release.
Read more from the Sacramento Business Journal.
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