The Charlotte (North Carolina) Observer reports that a federal bankruptcy judge on Thursday rejected a last-minute attempt by Alden Global Capital to weaken a rival bid for McClatchy Co., clearing the way for a pair of hedge funds to battle for ownership of the nation’s second largest local news company.
An auction was schedule for this morning and is scheduled to culminate July 24 when Judge Michael E. Wiles will approve the winning bidder or award the company to a backup bidder.
