McClatchy Co., the second-largest newspaper publisher in the U.S. by circulation, skipped a $12 million debt-interest payment due Wednesday as it continues to negotiate with creditors to avoid a bankruptcy-court proceeding.

The publisher of 30 newspapers including the Miami Herald, Charlotte Observer, Sacramento Bee and Kansas City Star, now has 30 days to work out a deal in which debt could be swapped for equity in the company.

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