America’s second-largest newspaper company McClatchy has filed for Chapter 11 bankruptcy protection on Thursday, saying it planned to restructure the debt it has struggled with for years.

Owner of such newspapers as the Miami Herald, the Kansas City Star and the Charlotte Observer filed its petitions in U.S. Bankruptcy Court at the Southern District of New York.

McClatchy is a publicly traded American publishing firm based in California, Sacramento and incorporated in Delaware. It operates 30 daily newspapers in fourteen states and has an average weekday circulation of 1.6 million and Sunday circulation of 2.4 million.

During the case 30 local newsrooms, including The Charlotte Observer, The News and Observer in Raleigh, and The Star-Telegram in Fort Worth, would continue operating as usual.

Under a plan outlined in its filing, about 60% of the company’s debt would be eliminated as the news organization tries to reposition for a digital future.

Craig Forman, the president and chief executive of McClatchy, said in a statement that the company’s reorganization plan would be eliminated as the news organization tries to reposition for a “digital transformation.”

“McClatchy’s Plans provides a resolution to inheritance debt and pension obligations whereas increasing outcomes for customers and other stakeholders,” said President and CEO Craig Forman.

“When native media suffers within the face of trade challenges, communities suffer: polarization grows, civic connections fray and borrowing prices rise for native governments,” he added.

The company’s financial struggles are compounded by advertising revenue that plummeted by 80% between 2006 and 2018. Daily print circulation also decreased by 58.6% during the same time period.