The State newspaper’s owners have reported a $304.7 million loss in 2019’s 3rd quarter.

The McClatchy Company, which owns more than 24 other newspapers across the country, told investors it has asked for a federal bailout of its pension fund.

The California-based publisher said it cannot pay $124 million in pension obligations, The Wall Street Journal reported.

In September, the New York Stock Exchange had warned the company that its shares could be delisted because of its massive losses and mounting debts.

Its share prices dropped 64% in a year.

To cut costs, McClatchy will end Saturday print editions, substituting e-editions.

It appears likely that other daily print editions will follow, with McClatchy leaning on its “digital future.”

McClatchy’s group of digital-only newspaper subscriptions grew 45% to more than 500,000 “paid” digital customers across the US.

Hanging over the company’s head is a $708.5 million mountain of debt as of late September with just $11.4 million in cash on hand.

McClatchy bought The State and other the Knight-Ridder newspapers in 2006 for more than $4 billion just before the Great Recession.

That initiated employee buyouts, layoffs, early retirements, and the sell-off of properties to stay afloat.

This crisis will become acute if federal regulators decline McClatchy’s request for a pension bailout, writes Poynter Institute media business analyst Rick Edmonds.

The McClatchy family has resisted selling or seeking bankruptcy, Edmonds said.

Chatham Asset Management, a hedge fund, is Mc-Clatchy’s biggest lender and biggest stockholder.

“Chatham is well-positioned to acquire the company,” he said.

“Chatham is no stranger to operating newspaper companies with a controlling interest in a Canadian chain and the parent company of the National Enquirer.”