Earlier this month, Knoxville, Tenn.-based real estate developer Brian Conley told Atlanta magazine he'd offered $13.3 million for the six-paper chain. Conley said the offer was based on cash flow estimates submitted last fall by CL in the company's bankruptcy proceedings, but CEO Ben Eason tells Metro Pulse that there was no such estimate submitted by his company. "Frankly, none of us has any idea what he's referring to," Eason says. "It sounds like he does not have a good enough handle of our plan to be making some of the comments he's been making."
Washington City Paper recently saved $8,000 by dropping all of its syndicated comics, the Chicago Reader's Michael Miner reports. City Paper still carries one local strip, "Dirtfarm," only because author Ben Claassen lets the paper run it for free. "City Paper feels like family to me," Claassen tells Miner by way of explanation. But Lynda Barry, who quit her "Ernie Pook's Comeek" strip, and her friend Matt Groening are feeling less familial these days about their former alt-weekly clients. Nevertheless, Groening keeps plugging away, creating "Life in Hell" every week even though his success with The Simpsons has left him financially secure. "I like sitting down once a week and knocking something out all by myself," says Groening. "The rest of my life is full of collaborators."
Knoxville, Tenn.-based real estate developer Brian Conley tells Atlanta magazine his offer price for the six-paper chain was based on cash flow estimates submitted last fall by CL in the company's bankruptcy proceedings. Conley sold Metro Pulse to the EW Scripps Co. in 2007 after owning the paper for four years. He recently made an investment in the Sunday Paper, a free-circulation competitor to CL's flagship paper in Atlanta; his investment was intended to help the company start new papers and go head-to-head with CL in Tampa and Charlotte.
The hearing scheduled yesterday was set to decide whether CL's creditors can declare their loans in default and take immediate possession of the company from CEO Ben Eason. According to Wayne Garcia, the hearing has been continued until March 11. Garcia says both sides in the case complained about the delay but worked together to develop a new timeline.
As part of company-wide cuts at Creative Loafing, Washington City Paper and Creative Loafing (Charlotte) have each reportedly laid off two employees. In addition, Mediabistro is reporting on an unspecified number of layoffs at L.A. Weekly, and the Valley Advocate says that last week associate publisher Do-Han Allen and circulation manager Jeffrey Owczarski became "the latest casualties of a series of year-end layoffs by our parent company." A few days after his paper laid off seven, Creative Loafing (Tampa) editor David Warner dedicates his editor's note to a list of "the Top 10 Reasons Layoffs Suck."
As the Creative Loafing bankruptcy case winds its way through the courts, Michael Miner reports that the Reader laid off more staffers last week. "Six more layoffs last Thursday reduced this paper's editorial staff to 17," Miner writes. "It was 38 when the old owners sold [Ben] Eason the paper." Creative Loafing (Tampa) also announced a handful of layoffs last week. MORE ON CL: Former Creative Loafing (Atlanta) editor Cliff Bostock offers his take on the problems at the Loaf.
The bankruptcy court judge refused to grant a motion by lender Atalaya to give it ownership of the company yesterday, Creative Loafing (Tampa) reports. Judge Caryl E. Delano ruled that CL's reorganization plan should proceed, and that it was too early into the case to say the plan won't work. On a second part of Atalaya's takeover motion, the judge scheduled the final evidentiary hearing for Jan. 21, and a Jan. 26 hearing has been set to review CL's proposed reorganization plan.
Creative Loafing (Tampa) political editor Wayne Garcia says the plan, filed Monday in the company's Chapter 11 bankruptcy proceedings, makes the case for keeping the company in the hands of CEO Ben Eason. "The Debtor believes retention of existing senior management and existing publishers, editors, directors of shared services and key online personnel are vital to successful implementation of this strategy as the markets are shifting very quickly at this time," the plan reads. CL also filed a 10-year financial forecast and an analysis of how much the company would bring if it were liquidated. Read more from Atlanta Magazine's Steve Fennessy.
That's what sources tell Atlanta Magazine's Steve Fennessy about the first court date of the company's bankruptcy protection hearings. Next week, CL CEO Ben Eason has to submit his restructuring plan, which will then be discussed in court. In other CL-related news, The Sunday Paper's publisher and investor answer some questions about that paper's proposed expansion into two more CL cities (Charlotte and Tampa).
The Sunday Paper publisher Patrick Best announced his plans on Friday, citing the troubles of Creative Loafing -- which owns papers in Atlanta, Charlotte and Tampa -- as a major reason. "While we planned to go to both of these markets in the next few years, the troubles of the parent company of the major newsweeklies in both cities have convinced us to accelerate our plans," he says. Best, who was Creative Loafing (Atlanta)'s advertising director before launching The Sunday Paper, recently offered CL CEO Ben Eason $1 million for the Loaf's Atlanta publication. Best's expansion plans are being helped by funding from Brian Conley, the former owner of Knoxville, Tenn., AAN member Metro Pulse and current shareholder of Sunday Paper Publishing. Meanwhile, Atlanta Magazine's Steve Fennessy reports that Eason's main creditor filed a motion (PDF) on Friday claiming CL has not been forthcoming in explaining budgets and cash flow forecasts. The CL bankruptcy protection case is scheduled to go before a judge on Wednesday.
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