Washington - Creative Loafing, the Florida-based publisher of the Washington City Paper and five other alternative weekly publications, said that it has filed for Chapter 11 bankruptcy.

The company, the latest in a growing list of print publishers to fall into financial difficulties in the midst of a slumping ad market, listed assets of between $10-$50 million, as well as the same amount of liabilities.

Creative Loafing purchased the City Paper in July 2007, and also owns other publications in Atlanta, Charlotte, Chicago, Sarasota and Tampa Bay.

"The term 'bankruptcy' conjures up all kinds of images and demons but it is essentially a legal proceeding designed to give an over-leveraged company the time, process and a safe harbor for which to reorganize its finances," the company said in a corporate memo.

"Chapter 11 was the natural place for the company to go to accomplish an orderly reorganization of our finances."

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