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Creative Loafing bankruptcy ruling expected Tuesday

Tampa's alternative weekly newspaper Creative Loafing could be under new management this week — or maybe not. A battle for control of the company between Creative Loafing Media chief executive Ben Eason and Atalaya Capital Management could end this afternoon with a decision by federal bankruptcy Judge Caryl Delano. Atalaya loaned Loafing $31 million in 2007 to finance the acquisition of the Washington City Times and the Chicago Reader. Nervous about the newspaper chain's plunging revenue, epitomized by a Chapter 11 bankruptcy filing in September, Atalaya wants to seize Loafing's assets as collateral. It needs the judge's permission. Atalaya promises to keep the Tampa newspaper running with new overseers and an injection of cash.

Creative Loafing bankruptcy ruling expected Tuesday 03/30/09 [Last modified: Monday, March 30, 2009 6:25pm]
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