Tuesday, July 14, 2009
News CL's financial woes rate E&P coverage
Posted by Scott Henry @ScottTheHenry on Tue, Jul 14, 2009 at 9:24 PM
Editor & Publisher, the leading trade journal of the dying print news industry, has a short piece about CL's upcoming bankruptcy auction. Here's a chunk:
The auction was scheduled after Creative Loafing CEO Ben Eason and the group's largest creditor, Atalaya Capital Management LP, agreed on a reorganization plan that will write down the value of Atalaya's $31 million loan to $12 million. All other creditors will be paid in full under the plan, with the exception of BIA Digital Partners, which also provided some funding for Creative Loafing's 2007 acquisition of the Chicago Reader and Washington City Paper. BIA plans to join with Eason in bidding for the chain.
Got all that? If so, please give me a call and explain what's going on. All I know is what's run on the CL Tampa blog, written by Wayne Garcia, who's attended all the court hearings down there.
Anyway, the drop-dead, come-to-Jesus, Four-Horseman date is Aug. 25. That's when some lucky bidder will have bought himself a newspaper. We've got no idea what will happen. All we ask is: Be gentle.
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