A bankruptcy judge in Tampa has awarded control over the Chicago Reader and its parent company, Creative Loafing Inc., to New York-based Atalaya Capital Management, the Reader's Whet Moser reports.
Creative Loafing owed Atalaya, its biggest creditor, about $30 million, according to the Reader.
The Tampa-based company, which owned five other papers, filed for Chapter 11 bankruptcy in September 2008.
Atalaya offered $5 million for the company, more than double the Easons' $2.32 million bid.
According to the Chicago Tribune, Atalaya has hired James O'Shea, former Tribune managing editor and editor of the Los Angeles Times, to its board.
Atalaya has pledged to keep the Reader alive.