Washington City Paper Awaits Creative Loafing Court Ruling
Buffeted by steep debt payments, the Creative Loafing (CL) newsweekly chain–owner of Washington City Paper–filed for bankruptcy protection last September. Ben Eason and other top CL executives at the time expressed the standard laments about a depressed ad environment, seismic shifts in the media marketplace, a crushing debt load, etc.
The bankruptcy proceeding has touched off a scramble among CL’s main financiers–Atalaya Capital Management & BIA Digital Partners–for control of the company. Atalaya, which is currently about $31 million dollars in the hole on the deal is making its second play for the company–arguing in court that the newspaper chain’s value is withering away as the group continues to be mismanaged.
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