Tuesday, August 25, 2009
And the winner in the Creative Loafing bankruptcy auction is ...
Posted by Kimberly Lawson on Tue, Aug 25, 2009 at 1:16 PM
Atalaya Capital Management.
Outgoing CEO Ben Eason lost control of the company his parents founded in 1972 to the New York hedge fund from whom he borrowed $30 million to buy the Chicago Reader and Washington City Paper.Atalaya won the auction with a $5 million cash bid. Eason’s highest offer was a $2.3 million bid, $1.5 million of which was “in-kind contributions.” Had Eason won, he also would have had to repay Atalaya at least $12 million.
Read the details here.
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