Hedge fund Chatham Asset Management, part of the group that was in the running to buy McClatchy (OTCPK:MNIQQ) out of bankruptcy, will  formally buy the newspaper group, with a deal to close before September 30, the companies said.

The hedge fund will pay $312 million, keep the current employees and benefits in tact, while the Board and CEO will step down as the deal closes.

Bankruptcy court must approve the transaction, with a hearing expected Aug. 4.

Other hedge funds were involved in the bidding, like Alden Global. Chatham was the largest debt and equity holder and ultimately won out.

McClatchy owns the Miami HeraldKansas City StarSacramento Bee and other daily newspapers.

The co. filed Chapter 11 in February. 

Read what the High Yield Digest’s Jeremy LaKosh said on SA in December about the looming restructuring here. 

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