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Creative Loafing Auction Set

By AAN Staff
july 13, 2009  06:02 pm
A federal bankruptcy judge scheduled the auction for Aug. 25 after Creative Loafing CEO Ben Eason and the chain's largest creditor agreed on a reorganization plan, reports Creative Loafing Tampa's Wayne Garcia. Under the plan, Atalaya Capital Management LP will take a $19 million haircut, writing down the value of the loan it made two years ago to Eason to $12 million. Atalaya still plans to battle Eason and his allies for ownership of the company and has already put in a $2 million "stalking horse offer" that constitutes "the first bid up during the Aug. 25 equity auction," according to Garcia.
View full article at Creative Loafing (Tampa)
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