Oh Lord, please come down from the mountain / Some of us are broke and having problems | Bleader

Tuesday, September 30, 2008

Oh Lord, please come down from the mountain / Some of us are broke and having problems

Posted By on 09.30.08 at 11:18 AM

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The St. Pete Times has the most details on Creative Loafing's bankruptcy filing. Some highlights:

"documents included with the bankruptcy filing indicate the company had trouble keeping up with payments on a $40-million debt, including a loan taken last year to pay down $15-million in debts and to purchase the two newspapers."

"Creative Loafing missed an interest payment of $282,219 on Dec. 24, a $10,000 servicing fee on Dec. 31 and an interest payment of $294,369 due Jan. 24."

"'I’m filing (bankruptcy) because the economy sucks,' said Eason."

CL also filed suit against its lenders yesterday:

"...asking a judge to stop a default on $40 million loan. In the suit, filed with the same court, Creative Loafing said the lenders failed to act in good faith when they refused to negotiate lowering the financial covenants. Without the injunction, Creative Loafing says it has no other options in stopping the default, as it would be 'too late to save the debtors' businesses, reputation, and close-knit and effective management.'"

Me? I'm just going to listen to the Silver Jews' "Long Long Gone" over and over again. I hear IIT's law school is very strong in IP law. If I can't win the Internet, maybe I can get my revenge on it.

I have quite a bit of work to do in "finishing off our digital strategy" so posting will be much lighter for a while.

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