Breaking from the Wall Street Journal:
McClatchy won important concessions from its banks, sparing the newspaper company from defaulting on its debt.*UPDATE: The Sacramento Bee looks at what McClatchy had to give up to win these concessions:
But the agreement comes at a price. The Bee's owner will have to pay a higher interest rate. Its line of credit has been scaled back. And it could be prohibited from paying any shareholder dividends under certain circumstances, although that ban wouldn't take effect until next spring.