A federal bankruptcy judge yesterday approved McClatchy Co.’s rules for potential buyers, and the company said all interested parties are ready to submit initial bids by early next week McClatchyDC.com reported. A hearing to approve a buyer is scheduled for July 24. McClatchy and its two largest creditors announced in mid-April that the company was initiating a sales process as negotiations over a restructuring plan lagged. The company said it has had preliminary discussions with 20 potential buyers. But Judge Michael E. Wiles slowed the process last week when he ordered the company and creditors, big and small, to come back to him with agreed upon bid procedures and a timetable. A detailed compromise was offered in court filings late Tuesday and, on Thursday afternoon, Judge Wiles agreed to it with some minor stipulations.
