Tuesday, March 31, 2009
News CL's fate to be decided at 2 p.m.
Posted by Mara Shalhoup on Tue, Mar 31, 2009 at 2:08 PM
Here's the latest — and most pressing — dispatch on Creative Loafing's bankruptcy case, from our colleague Wayne Garcia at CL's Tampa paper:
The battle for control of the six-altweekly newspaper chain Creative Loafing reaches a climax this afternoon in a Tampa bankruptcy courtroom as Federal Judge Caryl E. Delano is set to rule on a motion by lender Atalaya Capital Management to take over the company.
Atalaya wants to foreclose on its $31 million in loans given to finance CL’s 2007 expansion and purchase of Washington City Paper and the Chicago Reader. That action was blocked when CL filed for bankruptcy court protection under Chapter 11 of the federal code in September 2008.
I’ll be there and will report as soon as possible from the anti-technology courthouse (no cell phones or laptops allowed in federal court).
Download the judge’s order setting the announcement for 2 p.m. on Tuesday. She’s allowing the out-of-town Atalaya attorneys to attend via telephone.
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