The newspaper industry’s financial declines are once again proving to be Big Law’s gain, with Skadden, Arps, Slate, Meagher & Flom becoming the latest firm to advise a publisher saddled with overwhelming debt.

McClatchy, the publisher of the Miami Herald, The Kansas City Star and more than two dozen other newspapers around the country, filed Chapter 11 paperwork Thursday in federal bankruptcy court in the Southern District of New York. The Sacramento-based company estimated owing between $500 million and $1 billion in debt to more than 100,000 creditors.

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