Reader Bought By NY Investment Firm

By Steve Bryant
|  Tuesday, Aug 25, 2009  |  Updated 5:45 PM CDT
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Reader Bought By NY Investment Firm

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Sold to the dapper bankers from New York.

A New York-based capital investment firm is the proud new owner of the Chicago Reader and its parent company, Creative Loafing, Inc.

A bankruptcy judge in Tampa awarded control over the Reader to New York-based Atalaya Capital Management, according to the Reader's Whet Moser.

Creative Loafing owed Atalaya, its biggest creditor, about $30 million.

The Tampa-based company, which owned five other papers, filed for Chapter 11 bankruptcy in September 2008.

Atalaya offered $5 million for the company, which was more than double the next highest bid of $2.32 million bid.

Atalaya has hired James O'Shea, former Tribune managing editor and editor of the Los Angeles Times, to its board, according to the Chicago Tribune.

The Reader will continue publishing, says Atalaya.

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