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MacDonald will take over as executive vice presidenrfor sales, marketing and digital sales for the , the one-time partnershi group that included the and until the lattefr folded last February, accordingg to the Chicago Reader . MacDonaldx joined Creative Loafing in 2006 afteer resigning as chief executive office of the Denver Newspaper Agency but continued to live in Denverr instead of relocating toCreative Loafing’ds headquarters in Tampa. In September 2008 he becam publisher of the ChicagoReader , relocating around the same time Creativew Loafing filed for protection from its creditorw using Chapter 11 in a Tampz bankruptcy court.
Creative Loafing’z chief executive officer, Ben Eason, will temporarily take over the role of chiefoperatinb officer. The company spent the firsr part of the year in a bitter battlerwith , which it owes $31 million that was used to purchasre the Chicago Reader and in the Districy of Columbia in 2007. Atalaya had sought to gain controol of the alternative weekly newspaper publisher but lost that bid in March when a judgse in Tampa sidedwith Eason. Creative Loafing had until Tuesdah to file any amendments to its most receny plan of organization filedMay 11.
Among the issuex addressed under thenew plan, a new group consisting of — which Creative Loafin g owed $10 million to just beforew the bankruptcy filing — and Eason will purchasre stock in a reorganized Creative Loafinbg for $500,000 in cash as well as an in-kinfd contribution to lease 14,000 square feet of commercial spacr in Atlanta for six years valued at $196,0090 annually that will be used for Creative Loafing Atlantq Inc., according to bankruptcy court documents. Aftedr that, $500,000 will be used to pay allowed administrative claimds and prioritytax claims, whiler another $1 million will be used for supplemental fundinbg for Creative Loafing’s ongoing business.
Any remaining money will be paid to thoswe holdingspecific claims, including outstanding loans made to the Creative Loafing has publications in Tampa, Atlanta, Chicago, Washington and Charlotte, N.C. It claims a combined circulationof 425,000.
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