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Bankruptcy

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BUSINESS
November 22, 1995 | By Julie Stoiber, INQUIRER STAFF WRITER
Loyal buyers of Reisman pretzels need not worry: Although J. Reisman & Sons Inc., of Pennsauken, has filed for Chapter 11 bankruptcy, its pips, twists, rings, rods and minis won't disappear from store shelves. The family-owned company, which has been making pretzels for more than 75 years, received approval yesterday from U.S. Bankruptcy Judge Gloria M. Burns in Camden to use future receivables to keep the company rolling. "From what I understand, it's business as usual," said Arthur J. Abramowitz, a Cherry Hill lawyer who is representing the company in the bankruptcy proceedings.
NEWS
September 27, 2011
WILMINGTON - The Roman Catholic Diocese of Wilmington has emerged from bankruptcy with the funding of a $77.4 million trust for victims of priest sex abuse. Attorneys told a Delaware bankruptcy judge that a check deposit and wire transfers had been made in compliance with Monday's deadline for funding of the trust. Under the diocese's reorganization plan, about 150 alleged abuse victims will share proceeds of the trust in return for releasing all legal claims against the diocese, its parishes, and affiliated entities.
NEWS
August 5, 2009 | By CHRISTINE OLLEY, olleyc@phillynews.com 215-854-5184
The bankruptcy proceedings involving the owner of the Daily News and Inquirer have been assigned to a new judge, according to a filing made yesterday in federal bankruptcy court. Judge Jean K. FitzSimon had been handling the case since the company filed for Chapter 11 bankruptcy protection in February. Stephen Raslavich, chief judge of the Eastern District of Pennsylvania's U.S. Bankruptcy Court, will now preside over the case, according to the filing. Sources said that they believe that the case was reassigned because FitzSimon had health issues.
NEWS
October 3, 1991 | By Michael L. Rozansky, Inquirer Staff Writer
A federal bankruptcy judge yesterday approved an unusual reorganization plan for Suburban Furniture Galleries, a Cheltenham store that shut its doors last fall after taking thousands of dollars in deposits from consumers. The Chapter 11 plan was written by lawyers for customers who contended that they had been ripped off by the store and was designed to maximize the money returned to the consumers. The plan sailed through without discussion. "I think it's a done deal," said U.S. Bankruptcy Court Judge David I. Scholl.
BUSINESS
February 5, 1991 | From Inquirer Wire Services
The troubled retail sector suffered another blow yesterday when Hills Department Stores Inc., the nation's fifth-largest discount chain, filed for bankruptcy court protection. The announcement came a month after Hills, of Canton, Mass., said it would close 28 of its 214 stores as part of a restructuring that would cost the company $125 million. Hills stock fell 12.5 cents a share to 62.5 cents yesterday in New York Stock Exchange trading. A Hills statement said the company's operations continued to be profitable, but "the burden of its interest and debt-repayment obligations requires the restructuring of its balance sheet.
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NEWS
April 3, 2014 | By Jennifer Lin, Inquirer Staff Writer
PHILADELPHIA The partnership behind the failed Foxwoods Casino project in South Philadelphia filed Monday for bankruptcy court protection, citing claims of $23.6 million from 14 creditors. In addition, Citizens Bank, the largest creditor, is owed an unspecified amount, according to the court petition. People familiar with the situation say the bank lent the project about $75 million. The partnership last week sold its largest asset, a vacant 16.5-acre lot on South Columbus Boulevard between Tasker and Reed Streets.
BUSINESS
January 20, 2014 | By Reid Kanaley, Inquirer Columnist
Credit-card debt can sneak up on you. If you think $20,000 in such debt is no biggie, you're wrong. If you think you'll never have to deal with that kind of number, better think again. For all but a few of those facing it, living with a credit-card debt of $20,000 or more is a major life problem. A Credit.com online survey this month found 5 percent of respondents had such debt - and a significant portion of that group thought most people were like them. The most common reason for running up such debt, the post says, is that people "don't have sufficient income to cover their expenses.
NEWS
January 2, 2014 | By Kristen A. Graham, Inquirer Staff Writer
Margery Neuman Reed, 59, of Bryn Mawr, a bankruptcy attorney and partner at the Duane Morris law firm, died of cancer Monday, Dec. 30. Mrs. Reed, who was recognized as an authority in her field, served as a fellow of the American College of Bankruptcy, a group of top bankruptcy lawyers. Though she spent the last four years battling advanced thyroid cancer, Mrs. Reed remained an active and skilled lawyer, said John Soroko, Duane Morris' chairman and CEO. Until recently, "she was frankly buoyed by thinking about the firm, thinking about clients, working on things related to the practice of law. She felt a lot of satisfaction out of doing that, right up until the very end. " Mrs. Reed was a graduate of Vassar College and Villanova University School of Law. She joined Duane Morris as a summer associate while still in law school and never worked anywhere else.
BUSINESS
December 17, 2013 | By Harold Brubaker, Inquirer Staff Writer
The bankrupt Atlantic Club Casino Hotel in Atlantic City is on a fast track to be sold this week. Bids are due Monday by 4 p.m., an auction for bidders is scheduled for 11 a.m. Tuesday, and a hearing to approve the sale is on the slate for Thursday. It's not clear how many bidders, if any, will emerge for the Atlantic Club, which has been owned by a California private equity firm since 2005 and has been for sale since at least 2011. Since the Nov. 6 bankruptcy filing, the company's investment bankers have failed to line up a so-called stalking-horse bidder, which would have set a minimum price in the auction.
NEWS
November 29, 2013 | By Linda Loyd, Inquirer Staff Writer
A federal bankruptcy judge on Wednesday approved the settlement reached between the Justice Department and American Airlines and US Airways Group, clearing the way for the airlines to close their planned merger Dec. 9 and create the world's largest airline. US Airways and American announced after the ruling that the combined airline, to be named American Airlines Group Inc., would begin trading on the Nasdaq stock market under the ticker symbol "AAL" on Dec. 9. The last day for the airlines' stock to trade separately will be Dec. 6. Bankruptcy Judge Sean H. Lane in New York City ruled that the settlement with the Justice Department, in which American and US Airways agreed to give up dozens of takeoff and landing slots to competitors, was "fair and equitable.
REAL_ESTATE
October 21, 2013 | By Alison Burdo, Inquirer Staff Writer
More than two years after emerging from bankruptcy, Orleans Homebuilders Inc. is targeting move-up buyers with boutique communities and floor plans that feature a new take on the master suite. The Bensalem-based company is building 63 townhouses at its Yardley Walk on North Main Street in Yardley, with options for a first-floor master suite or dual master suites, said John Evans, North Division president. The high-end project caters to multigenerational families interested in a central home, Evans said.
BUSINESS
October 13, 2013 | By Linda Loyd, Inquirer Staff Writer
Founders of the Marathon Grill restaurants, a chain that began as a 10-seat hamburger eatery in 1984, filed for bankruptcy restructuring Wednesday for their largest restaurant at 1818 Market St. The breakfast, lunch, evening Happy Hour, and catering operation will operate "without interruption" during the Chapter 11 process, and "customers will not experience any changes in services or quality," owners Sheryl and Jay Borish said in a statement....
BUSINESS
October 2, 2013 | By Bob Fernandez, Inquirer Staff Writer
Last October, Comcast Corp. and two Houston professional sports franchises, the Astros and Rockets, launched a regional sports channel to ride the billion-dollar riches of the TV sports boom. The channel has fizzled amid acrimony among the once-hopeful partners. Comcast on Friday filed a petition seeking to force the troubled Comcast SportsNet Houston, which it lent $100 million, into bankruptcy and said it would bid on the network's TV rights if they are auctioned. Astros owner Jim Crane told the Houston Chronicle on Monday that the baseball team would fight bankruptcy and, in a reference to Comcast/NBCUniversal, said that the Astros "are not going to let those folks bully us around.
BUSINESS
September 23, 2013 | By Jeff Gelles, Inquirer Columnist
Adam Almore has a slew of medical problems, starting with diabetes and high blood pressure, and a mountain of $20,000 in debt that began to feel like a landslide. After illness cost him his job as a truck driver last year, he lost his home, too. But Almore recently got help from an unexpected place: a lawyer from the Philadelphia firm Duane Morris L.L.P., Rudolph "Skip" Di Massa, who volunteered to help him for free - even if it means helping Almore file for bankruptcy, Di Massa's specialty.
BUSINESS
September 14, 2013 | By Linda Loyd, Inquirer Staff Writer
NEW YORK - A federal bankruptcy judge approved American Airlines' reorganization plan Thursday, including a merger with US Airways Group, conditional on the combination clearing an antitrust challenge by the Justice Department. Judge Sean H. Lane also struck down nearly $20 million in severance payments for Tom Horton, CEO of American's parent AMR Corp. Horton quickly agreed to the move. Lane said he found the arguments in favor of confirmation of American's plan to exit bankruptcy persuasive.
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