Thursday, December 18, 2008
News Creative Loafing CEO wins more time
Posted by Thomas Wheatley @thomaswheatley on Thu, Dec 18, 2008 at 9:53 PM
Wayne Garcia, our colleague at CL's Tampa paper, attended today's hearing about Creative Loafing Inc.'s bankruptcy protection proceedings.
Garcia reports:
Current Creative Loafing CEO and Chairman Ben Eason won a partial victory in federal bankruptcy court in Tampa today as Judge Caryl E. Delano refused to grant a motion by lender Atalaya to give it ownership of the company.At a preliminary hearing this afternoon, Delano ruled that Creative Loafing’s reorganization plan should move forward and that it is too early to say that it can’t work. If it were nine months or more into the bankruptcy, Delano said from the bench, such a motion would be worth pursuing. “We’re three months into the case. I think the debtor should be provided a reasonable opportunity…. This case has been on a short string,” Delano told the parties in court. “The debtor has complied with those timetables” in producing a preliminary reorganization plan.
Garcia reports the judge scheduled an evidentiary hearing for Jan. 21. A hearing to review the proposed reorganization plan has also been scheduled for Jan. 26. Read more at Garcia's blog.
(Photo by Jim Stawniak)
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