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Buyout offer for Creative Loafing well below paper's debt

Creative Loafing, the Tampa-based alternative weekly newspaper, apparently has a buyout offer. But the $13.3-million price is far below the $30 million to $40 million the bankruptcy-strapped publication owes creditors. Brian Conley, a Knoxville, Tenn., entrepreneur who's run small newspapers and magazines, is the prospective buyer. Any sale would need the approval of the bankruptcy judge. Creative Loafing chief executive Ben Eason is indebted to venture capital firm Atalaya Funding, which financed his 2007 expansion into Washington, D.C., and Chicago. Eason also publishes in Tampa, Charlotte, Atlanta and Sarasota.

Buyout offer for Creative Loafing well below paper's debt 02/05/09 [Last modified: Thursday, February 5, 2009 7:51pm]
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