City Paper employees learned this afternoon they will take a 5 percent pay cut and that the private-equity firm that owns the alt-weekly is looking to sell it, along with publications in Chicago and Atlanta.

New York hedge fund Atalaya Capital Management were the winners in a bankruptcy auction in Tampa today to see who would control the Creative Loafing newspaper chain, owners of the Washington City Paper and other alternative weeklies, reports the St. Petersburg Times. Atalaya was Creative Loafing’s largest creditor by far, and they took control of the company by significantly outbidding a partnership made up of now former Loafing CEO Ben Eason and another hedge…

The Washington City Paper will continue to be owned by Creative Loafing Inc., thanks to a ruling handed down today by U.S. Bankruptcy Judge Caryl E. Delano in Tampa. CEO Ben Eason will retain control of the alternative newspaper chain despite an attempt by creditor Atalaya to take over the company, reports Wayne Garcia from Loaf HQ in Tampa, who was careful to get the name of the D.C. publication correct this time. Eason…

The Washington Business Journal has a rather curious update on the bankruptcy proceedings for Creative Loafing, the owner of the Washington City Paper, among other publications. Judge Caryl E. Delano will decide whether the Tampa chain will remain under control of publisher Ben Eason or Atalaya Capital Management, which says it’s owed $31 million in loans used by the paper to purchase Washington City Times and Chicago Reader in 2007, according to Creative Loafing…

Yesterday Creative Loafing, the owner of the Washington City Paper, announced it had filed for Chapter 11 bankruptcy protection. In a post on City Desk, City Paper editor Erik Wemple quoted Loaf CEO Ben Eason playing the filing off as not as bad as it sounds, since bankruptcy will give the company the breathing room it needs to finish a structural reorganization directed toward the internet. TambaBay.com’s The Feed blog dug into the Loaf’s financials,…

Via Editor & Publisher, the Washington City Paper, along with the Chicago Reader, which the City Paper owns, has been sold to Atlanta-based company Creative Loafing, publisher of four other alternative weeklies in Atlanta, Tampa, Sarasota, Fla., and Charlotte, N.C. The City Paper name will remain in place, despite the other four papers all carrying the “Creative Loafing” name. In a post to the City Paper’s staff blog, City Desk, Senior Editor Mike DeBonis said…