The agreement still needs the approval of a bankruptcy judge.
McClatchy is one of the largest newspaper companies in the U.S.; it owns 30 papers including the Miami Herald, the Charlotte Observer and the Sacramento Bee. It filed for bankruptcy protection because of a heavy debt load stemming from its $4.5 billion purchase of the Knight-Ridder newspaper chain in 2006, just as the newspaper industry went into steep decline.
Gas prices increase 2 cents
CAMARILLO, Calif. (AP) — The average U.S. price of regular-grade gasoline increased by 2 cents over the past two weeks, to $2.24 per gallon. That’s 59 cents below the average pump price from a year ago. Industry analyst Trilby Lundberg of the Lundberg Survey says the increase comes as crude oil prices rise.
The highest average price in the nation for regular-grade gas is $3.20 per gallon in the San Francisco Bay Area.
The average price of diesel is $2.54, down a penny from two weeks ago.
VIRUS OUTBREAK-FOREIGN WORKERS
As beach towns open, businesses are short foreign workers
BOSTON (AP) — Businesses in beach communities and mountain getaways up and down the East Coast are fretting about a shortage of workers as the summer season picks up steam. .
The Trump administration announced last month that it was extending a ban on green cards and adding many temporary visas to the freeze, including J-1 cultural exchange visas and H-2B visas. Businesses from forestry to fisheries to hospitality depend on these visas, though there are exceptions for the food processing sector.
The move was billed as a chance to free up 525,000 jobs to Americans hard hit by the economic downturn. Supporters of immigration reform have hailed the move and insisted it should be easy to find Americans to bus tables and sell souvenirs at popular tourist destinations.
Businesses said they would like to hire Americans but that labor pools in their communities are too small. Challenges include high housing prices as well as a lack of child care along with the challenge of convincing unemployed workers, many who are still collecting federal benefits, to take a job in the hospitality industry amid a pandemic.
Hyundai exec: Online sales will help with virus resurgence
DETROIT (AP) — The past five years have been rough for Hyundai in the U.S. as it scrambled to catch up with a shift in consumer preferences from cars to trucks and SUVs. The South Korean auto company ran through multiple leaders as it added utility vehicles to a car-heavy lineup. But sales fell after peaking in 2016.
Early last year, Jose Munoz left Nissan to become the latest CEO of Hyundai’s operations in the Americas. Sales rose in 2019 as the new SUVs took hold. Then the coronavirus hit.
Munoz says Hyundai was doing well before the virus, so it fared better than others since the pandemic hit. And he says Hyundai is ready if stay-home orders return.