The McClatchy Company Announces Extension Of Miami Land Agreement
Thursday, 31 Dec 2009 08:29pm EST
The McClatchy Company announced that the agreement to sell 10 acres of land adjacent to The Miami Herald has been extended to January 19, 2010, in exchange for an increase in the termination fee from $6 million to $7 million should the buyer fail to close the transaction. The buyer, Citisquare Group, LLC, has the right to further extend the agreement to January 31, 2011, upon payment to McClatchy of an additional $6 million nonrefundable deposit on or before January 19, 2010. McClatchy previously received a $10 million nonrefundable deposit, which it used to repay debt. The buyer had until December 31, 2009, to close the transaction pursuant to the terms of the existing purchase agreement.
