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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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BUSINESS
July 22, 2015 | By Joel Wee, Inquirer Staff Writer
The Great Atlantic & Pacific Tea Co., better known as A&P, filed for Chapter 11 bankruptcy Monday in U.S. Bankruptcy Court for the Southern District of New York - its second such petition in five years. The Montvale, N.J.-based company currently operates 296 stores, primarily in the highly competitive northeastern U.S. market, under the banners of the Pathmark, Super Fresh, Food Basics, A&P, Best Cellars, Food Emporium, and Waldbaum's chains. For now, business at those stores will continue as usual, A&P said in a statement Monday.
ENTERTAINMENT
July 15, 2015 | Howard Gensler, Daily News
IN AN ITEM that can only be described as a headline writer's dream, 50 Cent (a/k/a Curtis Jackson) filed for federal bankruptcy protection yesterday in Hartford, Conn. So just call him 50, because he has no cents. Or he may have a lot of sense. Last week a jury ordered him to pay $5 million in an invasion-of-privacy lawsuit. Mr. Cent filed in Hartford because he owns a 50,000-square-foot mansion in nearby Farmington. For those of you who are not very good with size and space, that is a very big house.
NEWS
May 18, 2015 | By David Patrick Stearns, Inquirer Music Critic
After Asia, the Philadelphia Orchestra's 2015 Tour of Europe might seem easy. In contrast to last year's 1,800-mile Macau-to-Tokyo hop, the orchestra's Tuesday to June 7 tour's longest stretch is 714 miles between Vienna and Amsterdam, and involves venues that have been hosting orchestras for decades, even centuries. Yet music director Yannick Nézet-Séguin laughs indulgently at the suggestion that 14 concerts in 17 days will be a breeze. "It's a totally different challenge.
NEWS
May 10, 2015 | By Jacqueline L. Urgo, Inquirer Staff Writer
ATLANTIC CITY - Behind closed doors in the mayor's office, parties interested in the fate of the former Showboat casino hotel met Friday to try to resolve a tangled legal impasse. But when the meeting at City Hall was over, no one - including Mayor Don Guardian and Florida developer Glenn Straub - would say what had transpired, citing confidentiality. Also in attendance were representatives of Stockton University, which bought the shuttered Boardwalk casino with a plan to turn it into a campus, and of Trump Entertainment Resorts.
NEWS
April 29, 2015 | By Amy S. Rosenberg, Inquirer Staff Writer
ATLANTIC CITY - Kevyn Orr, the bankruptcy attorney whose Detroit credentials set off alarms on Wall Street when he was appointed by Gov. Christie as part of an Atlantic City emergency management team, is leaving the post, the governor's office said Monday. Orr's role was described as "counsel" to Kevin Lavin, the full-time emergency manager, whose duties to date have been mostly those of a super-auditor of the city's finances. Lavin is being paid $135,000 a year; Orr's compensation, billed by the hour, has not been made public.
NEWS
April 15, 2015
ISSUE | CABLE Wrong signal Both Verizon and Comcast must pay rent to municipalities to do business because their cables must run over public rights-of-way ("3 groups seeking local-access TV revival in Montco," Feb. 22). Part of their rent payment is providing communities with so-called PEG channels: public, educational, and governmental access. Lower Merion Township is considering giving away its public channel to a much smaller township, Radnor. But giving our rent to another landlord makes no sense and does not serve Lower Merion residents at all. |Perry Hamilton, Wynnewood Free the Phillies Now that Comcast's city franchise is being reviewed, part of that process should examine why the satellite companies do not have Comcast SportsNet as part of their programming.
NEWS
March 25, 2015 | By Maddie Hanna, Inquirer Trenton Bureau
Gov. Christie may not make an announcement on running for president until early summer, he said Monday on a radio show, during which he also forecast a tough solution for reviving Atlantic City. Christie said on NJ101.5's Ask the Governor that he would announce whether he would run by "late spring or early summer. " Earlier Monday, Texas Republican Sen. Ted Cruz announced that he would run in 2016, becoming the first major candidate to officially enter the race. Christie said it was "very early" in the race, and dismissed any notion that he would have trouble netting commitments from donors if he waited to declare his intentions.
BUSINESS
March 15, 2015 | By Harold Brubaker, Inquirer Staff Writer
The bankruptcy case of Atlantic City's Revel Casino Hotel hit another pothole Friday when U.S. Bankruptcy Judge Gloria M. Burns declined to approve the sale of Revel to Florida developer Glenn Straub for $82 million. Burns said from a Camden courtroom that it was not within her jurisdiction to approve the amended sale order because her January order approving the sale to Straub for $95.4 million was under appeal. Burns said she saw two possibilities for the Revel, built for $2.4 billion, which closed in September.
BUSINESS
February 28, 2015 | By Harold Brubaker, Inquirer Staff Writer
Kevyn Orr, the restructuring expert appointed by Gov. Christie to help stabilize Atlantic City's finances, told Bloomberg News that it would be inappropriate for him to talk about whether Atlantic City was a "shoo-in" for bankruptcy. "You know, nothing is shoo-in. But first of all I'm not the principal on Atlantic City. Kevin Lavin is the principal. He is the emergency manager. I'm just a counselor, a consultant in Atlantic City," Orr said in a question-and-answer piece published Thursday.
NEWS
January 31, 2015 | By Andrew Seidman and Amy S. Rosenberg, Inquirer Staff Writers
TRENTON - New Jersey Senate President Stephen Sweeney accused Gov. Christie on Thursday of trying to "force" Atlantic City into bankruptcy, and said he would sue to block such a move. Sweeney (D., Gloucester) criticized Christie's hiring of an emergency manager and a consultant to take charge of the embattled resort. Christie, a Republican considering a run for president in 2016, issued an executive order last week installing Kevin Lavin as emergency manager and tapping Kevyn Orr as a consultant.
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