McClatchy won't be able to stay out of bankruptcy by the end of 2009. I think they can likely cut some more and sell some buildings to delay the inevitable, but it doesn't serve any purpose. They ought to file now while they still have some flexibility. The longer they wait the fewer options they will have.You have to think one of the options the corporate bigwigs are weighing is the best timing to file bankruptcy.
If they allow the banks to renegotiate again, then the banks will literally be on the verge of selling the printing presses to 3rd world buyers.
If McClatchy were to take it's medicine now, they would be able to continue in business and restructure as an ongoing company.
However, if they continue to bleed the product by slashing employees and becoming more and more pathetic, then once bankruptcy finally arrives the creditors will see nothing worth continuing. No buyers will show any interest in continuing the newspapers as is. They will move to a property and building liquidation.