May 22, 2013
In the Region Revel formally out of bankruptcy Atlantic City's $2.4 billion Revel casino formally completed its financial restructuring and emerged from Chapter 11 bankruptcy Tuesday. The reorganization plan, approved by a U.S. bankruptcy judge and the New Jersey Casino Control Commission last week, eliminates about $1.2 billion of the casino's $1.5 billion debt through a debt-for-equity swap with its creditors. Revel has struggled since opening April 2, 2012, on the Boardwalk.
May 21, 2013
Kenneth E. Fichthorn doing business as General Residential Contractor and Jennifer E. Fichthorn , 641 Willow St., Pottstown; Chapter 13; no schedules available. John Edward Algier also known as John E. Algier also known as John Algier also known as Design by Algier and Carole Ann Algier also known as Carol A. Algier also known as Carole Algier also known as Design by Algier , 681 Highspire Rd., Glenmoore; Chapter 7; no schedules available.
May 15, 2013 |
Revel's exit strategy from Chapter 11 bankruptcy was approved by a judge Monday, clearing the way for the lavish but financially troubled casino to restructure its finances and pump resources into better marketing and new amenities in time for the busy summer. "I can conclude that withstanding the challenges that await the debtor - including difficult competing circumstances of the industry and Atlantic City as well - a reasonable prospect of success has been shown on this record," Judge Judith Wizmur said in approving the plan.
May 13, 2013 |
The Supreme Court needs to decide whether an inherited individual retirement account is protected from the claims of creditors in bankruptcy because U.S. circuit courts of appeal are now divided on the issue. Chief Judge Frank Easterbrook, on the Court of Appeals for the Seventh Circuit in Chicago, disagreed last month with an opinion last year from the Fifth Circuit appeals court in New Orleans. Easterbrook concluded that inherited IRAs are not exempt in bankruptcy. An IRA funded by someone's own contributions is immune from creditors' claims in bankruptcy.
May 11, 2013 |
Skinny Nutritional Corp. , the local flavored-water marketer that saw most of its board resign earlier this year, has filed for Chapter 11 bankruptcy protection. What appeared to be a corporate- governance revolt in January has progressed into a fight to keep the Skinny Water brand from falling into the hands of a secured lender. The Bryn Mawr company listed total assets of $2.9 million and total debts of $6.0 million in documents filed in U.S. Bankruptcy Court in Philadelphia.
April 26, 2013 |
Synagro Technologies Inc., one of the largest contractors working with city government, filed for bankruptcy Wednesday as part of its planned sale to a European private equity group. Synagro president and chief executive officer Eric Zimmer said the Chapter 11 filing in Delaware would not affect the firm's South Philadelphia plant, which turns human waste into fertilizer and fuel. Houston-based Synagro, which has long been financially squeezed, is owned by another equity firm, Carlyle Group.