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Bankruptcy

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BUSINESS
June 2, 2016 | By Sam Wood, Staff Writer
The Midtown II, a landmark diner and bar that has thrived on the edge of the city's Gayborhood for 43 years, will close its doors for good next week, the result of a series of financial setbacks that landed its owner in bankruptcy court. According to documents filed last week in U.S. District Court in New Jersey, the diner's owner, Gus Hionas, has agreed to relinquish ownership of the Midtown II and its liquor license to its creditors to settle at least $4.2 million in debts. Hionas, who founded the Midtown II in 1974, declined to comment on the bankruptcy.
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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BUSINESS
June 18, 2016 | By Suzette Parmley, Staff Writer
The final buzzers will begin sounding for Sports Authority on Sunday as its Cherry Hill sporting-goods store closes for good. Other Sports Authority stores will soon follow. The one in Langhorne, Bucks County, on East Lincoln Highway, will close sometime in August. The retailer's predicament reflects the broader trend of bricks-and-mortar stores struggling against the migration of shoppers to the internet. Competitive sports may be cutthroat, but sports retailing is too, experts say. "Sports Authority had seriously large debt issues, but their bigger problem was not adapting and separating themselves from the other big-box retailers like Dick's," said Mark Torres of the Play It Again Sports chain in Deptford, about 12 miles from the Cherry Hill Sports Authority store.
BUSINESS
June 14, 2016
Archie Strong and Reba G. Strong, also known as Reba Strong, doing business as Magic by Reba , 104 Woodside Rd., Unit C102, Haverford; Chapter 7; no schedules available. Elements to Wellness Inc. , 16-13924; Chapter 7; no schedules available. Richard Cronrath, also known as Richard M. Cronrath , 102 Frog Ocean Rd., Salem; Chapter 7; no schedules available. Kentucky Associates L.L.C. , 105 N. High St., Millville; Chapter 11; no schedules available. Irving Juffe and Gloria Perino Juffe , 15 Chelsea Ct.; Atlantic City; Chapter 7; no schedules available.
BUSINESS
June 2, 2016 | By Sam Wood, Staff Writer
The Midtown II, a landmark diner and bar that has thrived on the edge of the city's Gayborhood for 43 years, will close its doors for good next week, the result of a series of financial setbacks that landed its owner in bankruptcy court. According to documents filed last week in U.S. District Court in New Jersey, the diner's owner, Gus Hionas, has agreed to relinquish ownership of the Midtown II and its liquor license to its creditors to settle at least $4.2 million in debts. Hionas, who founded the Midtown II in 1974, declined to comment on the bankruptcy.
NEWS
May 14, 2016 | By Andrew Maykuth, Staff Writer
Penn Virginia Corp. of Radnor, one of the region's oldest surviving businesses, filed for bankruptcy protection Thursday, a casualty of the worldwide plunge in energy prices. Founded in 1882 by Philadelphia coal barons, the company transitioned to shale-oil production in recent years but was overwhelmed by last year's oil-price collapse, which eroded its revenue and diminished the value of its oil and gas reserves. The company, whose acreage is concentrated in Texas but includes holdings in Pennsylvania's Marcellus Shale region, listed assets of $518 million and debts of $1.4 billion in filings with the U.S. Bankruptcy Court for the Eastern District of Virginia.
NEWS
May 11, 2016 | By Claudia Vargas, Chris Brennan, and Chris Palmer, STAFF WRITERS
Philadelphia Streets Commissioner Donald Carlton was arrested Friday for allegedly punching an unidentified man "multiple times in the face" at a house party in Olney last December, according to the District Attorney's Office. Philadelphia police said that about 6:30 p.m. Dec. 6, Carlton and a 50-year-old man had an argument inside a house on the 6000 block of North American Street. The argument escalated to a fight, police said. The victim, who was not identified, suffered a fractured rib and a bruised eye, District Attorney's Office spokesman Cameron Kline said.
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