Creative Loafing Creditor Objects to Hiring of Financial Advisor
By AAN Staff
november 24, 2008 09:57 am
Atalaya Capital Management, which lent CL's Ben Eason $30 million to buy the
Chicago Reader and
Washington City Paper, has filed
a motion (pdf file) asking that Eason not be allowed
to hire the investment banking firm Skyway Capital Partners to help him emerge from bankruptcy. The main thrusts of Atalaya's argument are that Skyway is not a disinterested party, that Skyway's role will extend beyond mere financial advising into possibly brokering a sale of CL, and that Skyway is not a competent financial advisor.
More from the Reader's Michael Miner.