Creative Loafing Back in Bankruptcy Court Today
By AAN Staff
march 11, 2009 01:27 pm
Atalaya Capital Management said in court this morning that if it assumed control of the six-paper chain, it would continue to operate the newspapers "as a going concern" and put more money into the company rather than sell it off, Wayne Garcia reports. Atalaya, CL's biggest creditor, is seeking to wrest ownership of the company from CEO Ben Eason because it has "lost confidence" in his management.
MORE: Later in the day's hearing, an
expert on valuation testified that CL's value as a company had dropped more than $7 million in the three months after it declared bankruptcy. CL will make its case in court on Thursday.
Tags:
Circulation,
Classified Advertising,
Design & Production,
Editorial,
Electronic Publishing,
Financial,
Management,
Marketing,
Retail Advertising,
CL, Inc.,
Ben Eason
