McClatchy wins court approval of $1.5 million Raleigh parking lot sale

By Caroline Salls

Pittsburgh, May 19 – The McClatchy Co. received court approval to sell a parking lot property located in Raleigh, N.C., that is owned by the News & Observer Publishing Co. debtor, according to an order filed Monday with the U.S. Bankruptcy Court for the Southern District of New York.

Gentian Group, LLC has agreed to buy the property for $1.5 million.

McClatchy said the property provides “minimal, if any, benefits to the debtors’ local operations.”

Because the debtors’ existing infrastructure afforded sufficient parking capacity to meet the office’s needs, McClatchy said all 31 of the parking spaces on the property sold have been leased to a local legal aid organization for at least the past seven years.

According to the motion, the McClatchy debtors moved their Raleigh offices “to a more distant location” in 2017, reducing any potential benefit the property may have provided to their business going forward.

McClatchy is a news and information provider based in Sacramento, Calif. The company filed bankruptcy on Feb. 13 under Chapter 11 case number 20-10418.

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