Bankruptcy update | Bleader

Friday, October 10, 2008

Bankruptcy update

Posted By on 10.10.08 at 12:04 PM

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In one particularly memorable section of the filing, Atalaya gives examples of companies in Chapter 11 whose sole proprietor was “the only person who can run the business”: one was the only physician at his chiropractic clinic; another was “the only person with trade secret knowledge of how to process codfish in the Caribbean.” (Note: I am now desperately trying to work the phrase “it’s hardly processing codfish in the Caribbean” into my everyday speech.)

Dammit--I knew I picked the wrong business. If anyone knows how to process codfish in the Caribbean, let me know. Clearly codfish dude has a monopoly.

The WCP's post is more hopeful than the other stuff I've read, but this still gives me the shakes: "loaned Creative Loafing Inc. (CLI) $30 million to purchase City Paper and the Chicago Reader last year and to pay down $15 million in debt that CLI already held."

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