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Bankruptcy

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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
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
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...
NEWS
October 3, 2014 | By Howard Gensler
 T ERESA GIUDICE , one of "Real Housewives of New Jersey," was sentenced yesterday to 15 months in prison on conspiracy and bankruptcy charges, while her husband, Giuseppe "Joe" Giudice , got it worse. He was sentenced to 41 months. Together they must pay $414,000 in restitution. The judge said that Teresa will serve her sentence first so that Joe can stay home with the couple's four children. Teresa cried as she apologized in court before her sentencing.
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
September 11, 2014 | By Harold Brubaker, Inquirer Staff Writer
The purge of Atlantic City's weakest casinos continued Tuesday, as Trump Entertainment Resorts Inc. filed for bankruptcy in Delaware, a week before it plans to shut down Trump Plaza. The company also said it expects to pull the plug on Taj Mahal in November if it fails to get concessions from the casino's unionized workers. The Taj Mahal, which employs 2,963, would be the fifth Atlantic City casino to close this year. Despite the threat of closure, Bob McDevitt, president of Unite Here Local 54, said there was little the union could do to help bail out Trump Taj Mahal.
BUSINESS
August 9, 2014 | By Harold Brubaker, Inquirer Staff Writer
With the process of selling the $2.4 billion Revel Casino Hotel after its second bankruptcy cloaked in secrecy, it is difficult to determine what the postponement of its bankruptcy auction until next week really means. But lawyers and other bankruptcy experts - none involved in the Revel case - outlined, in general terms, the factors that may be at play. Such a delay is not unheard of, they said in interviews on Thursday, but it does not mean Revel's investment bankers received so many bids that they could not get through them in time to start the auction on schedule Thursday.
BUSINESS
August 7, 2014 | By Harold Brubaker, Inquirer Staff Writer
There has been no word so far this week on bids for the bankrupt Revel casino, which were due Monday in preparation for an auction Thursday if more than one qualified bid was received. But a U.S. Bankruptcy Court filing Tuesday in Camden by the investment bank Moelis & Co. L.L.C., charged with finding a buyer for Revel, revealed some details. In the filing, Moelis said it was owed $150,000 in fees, plus $5,950 in expenses, for its work on the sale of Revel, which it calls "Project Redwood.
BUSINESS
July 30, 2014 | By Harold Brubaker, Inquirer Staff Writer
A New Jersey investment firm has agreed to pay $30.25 million for Northeast Philadelphia's Deer Meadows Retirement Community, which filed for bankruptcy protection in April. Investment 360 L.L.C., of Lakewood, will function as a "stalking horse bidder" at an auction next month, setting a baseline price, according to a bankruptcy court filing. U.S. Bankruptcy Judge Eric L. Frank on Monday scheduled a hearing for Aug. 11 on a proposed breakup fee that would pay 2.5 percent of the purchase price, or $756,250, to Investment 360 if the deal does not close or a higher bidder emerges.
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