Owner of NC's largest two newspapers files for bankruptcy

McClatchy Co., the parent company of The (Raleigh) News & Observer and The Charlotte Observer, filed for Chapter 11 bankruptcy Thursday in an effort to restructure debt and address its pension obligations. The Sacramento, California-based company is the nation's second-largest newsaper publisher. It also owns The Herald-Sun of Durham and has 30 newspapers across the country, including The Miami Herald, The Fort Worth Star-Telegram, the Kansas City Star and The Sacramento Bee. The decision to file…