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NEWS
November 16, 2014 | By Harold Brubaker, Inquirer Staff Writer
The owners of the Trump Taj Mahal Casino in Atlantic City said in a court filing Friday they expected to close the Boardwalk property on or before Dec. 12. Trump Entertainment Resorts Inc. had been warning for months the struggling casino might close this fall if it didn't get significant relief from its biggest union and millions in government aid. The company got the relief it sought from labor last month when a bankruptcy judge allowed it...
BUSINESS
September 21, 2014 | By Harold Brubaker, Inquirer Staff Writer
The owners of the $129 million utility plant that heats and cools the shuttered Revel Casino Hotel in Atlantic City warned in a court filing Friday that the plant itself might have to file for bankruptcy. ACR Energy Partners L.L.C., a joint venture of South Jersey Industries Inc. of Folsom, N.J., and DCO Energy L.L.C. of Mays Landing, N.J., has been paid just $2.35 million of the $11.85 million it has billed since Revel filed for its second bankruptcy in June. Before the bankruptcy, Revel was at least $11 million behind on its ACR payments, which include $1.7 million a month in fixed payments for debt service and returns on the $40 million in equity invested by the partners, according to court records.
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.
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NEWS
November 16, 2014 | By Harold Brubaker, Inquirer Staff Writer
The owners of the Trump Taj Mahal Casino in Atlantic City said in a court filing Friday they expected to close the Boardwalk property on or before Dec. 12. Trump Entertainment Resorts Inc. had been warning for months the struggling casino might close this fall if it didn't get significant relief from its biggest union and millions in government aid. The company got the relief it sought from labor last month when a bankruptcy judge allowed it...
BUSINESS
November 14, 2014 | By Harold Brubaker, Inquirer Staff Writer
Lest anyone forget why the Pennsylvania Gaming Control Board still has a license to issue for a second Philadelphia casino, a bankruptcy court hearing set for Friday morning offers a reminder. At the hearing in Philadelphia, lawyers for the defunct Foxwoods project - whose license to build a casino on the South Philadelphia waterfront was revoked four years ago - are scheduled to square off against lawyers for the state over the $50 million license fee Foxwoods paid in 2007. The key hearing comes just days before Tuesday's Gaming Control Board session at the Convention Center, where the board is expected to reissue the license.
BUSINESS
November 6, 2014 | By Harold Brubaker, Inquirer Staff Writer
Ahead of a key court hearing Wednesday in Wilmington, Trump Entertainment Resorts Inc. filed a revised bankruptcy plan showing that Carl Icahn - who is owed $292 million by Trump - could recover between 38 percent and 65 percent of his claim. Those percentages are based on estimated values of Trump Entertainment's two properties - the Trump Taj Mahal and the former Trump Plaza, which closed Sept. 16. The values range from $110 million, if the Taj Mahal is closed, to $190 million if the Taj Mahal remains open, the filing said.
BUSINESS
November 2, 2014 | By Harold Brubaker, Inquirer Staff Writer
Ahead of a key hearing next week in the Trump Entertainment Resorts Inc. bankruptcy, unsecured creditors blasted the company's disclosure statement for its Chapter 11 reorganization plan as a "charade" that should not be approved by the judge. The company owns the Trump Taj Mahal and the closed Trump Plaza casino hotels in Atlantic City. The creditors said the plan is designed for the "sole purpose of preserving hundreds of million of dollars in tax attributes for the exclusive benefit of [Carl]
BUSINESS
November 2, 2014 | By Harold Brubaker, Inquirer Staff Writer
In a sign of the ongoing devaluation of assets in Atlantic City, the utility company Pepco Holdings Inc. wrote down the value of its combined heat and power plant there by $53 million, or 64 percent, the Washington company announced Friday. Pepco slashed the value of the plant and related operations to $30 million from $83 million because of "significant adverse changes in the financial condition of its customers and the business climate in Atlantic City," the company said in its quarterly report to the Securities and Exchange Commission.
NEWS
October 19, 2014 | By Jane M. Von Bergen, Inquirer Staff Writer
A federal bankruptcy judge on Friday allowed the owners of Atlantic City's bankrupt Trump Taj Mahal Casino Resort to void its contract with its 1,100 union workers. Whether the $15 million in savings will be enough to keep the doors of the troubled casino open is nowhere near a sure bet. In a decision delivered in a Delaware courtroom, Judge Kevin Gross granted a request by the casino's owners, Trump Entertainment Resorts, to end the contract, cutting health and pension benefits.
NEWS
October 15, 2014 | By Angelo Fichera, Inquirer Staff Writer
A Gloucester County skydiving company has filed for bankruptcy, but it says its daredevil fun will continue nonetheless. Freefall Adventures' petition for Chapter 11 - a designation that allows businesses to reorganize during financial hardship - was recorded in federal bankruptcy court this month. The company, which operates out of Cross Keys Airport in Monroe Township, is a mainstay in the regional skydiving community, though it has also gained attention over the years for accidents and fatalities, risks commonly associated with the sport.
BUSINESS
October 11, 2014 | By Harold Brubaker, Inquirer Staff Writer
Trump Entertainment Resorts Inc. has asked a bankruptcy judge to order its biggest union to stop harassing convention clients. An official with Unite Here Local 54, which represents 1,140 workers at Trump Taj Mahal, has been contacting organizations that have meetings scheduled at the casino and urging them to consider using another venue in the city, one not trying to eliminate health insurance for workers. "Atlantic City and New Jersey have a lot of labor and labor-friendly businesses, and most groups don't want to get involved in a labor dispute over health care or anything else," Unite Here spokesman Ben Begleiter said Thursday.
BUSINESS
October 9, 2014 | By Harold Brubaker, Inquirer Staff Writer
The lawyers and investment bankers who were trying to sell Atlantic City's Revel Casino Hotel were faced with a choice at last week's auction. They could accept as final the $110 million bid from a unit of Brookfield Asset Management that was due to expire at 6 a.m. Oct. 1, or they could adjourn the auction until this week to give Florida investor Glenn Straub time to consider a higher bid. Revel's representatives went with what one called the...
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