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BUSINESS
November 11, 2010 | By Diane Mastrull, Inquirer Staff Writer
Chemtura Corp., a Philadelphia-based maker of specialty chemicals, has emerged from Chapter 11 bankruptcy reorganization and expects to have its stock once again trading on the New York Stock Exchange, starting Thursday. Under a plan approved Nov. 3 by the U.S. Bankruptcy Court for the Southern District of New York, Chemtura, formed in 2005, said it would satisfy creditors' claims in cash and/or common stock through $750 million in pre-funded exit financing that has been held in escrow.
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
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
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.
BUSINESS
January 22, 2015 | By Harold Brubaker, Inquirer Staff Writer
U.S. District Judge Jerome B. Simandle said he expects to rule Wednesday on whether the operators of restaurants, nightclubs, and other venues at the former Revel Casino Hotel will be able to appeal the terms of the bankrupt Atlantic City property's sale to Florida investor Glenn Straub for $95.4 million. "I'm not prepared to rule right now, but it won't be long," Simandle said at the end of a four-hour hearing Tuesday in Camden, acknowledging that whatever he decides, an appeal to the Third Circuit Court of Appeals was likely.
BUSINESS
January 18, 2015 | By Harold Brubaker, Inquirer Staff Writer
U.S. District Judge Jerome B. Simandle scheduled an emergency hearing for Tuesday in Camden to hear arguments to block the sale of Atlantic City's Revel Casino Hotel by tenants who spent millions on facilities for the failed casino. Angel Management Group, which spent $16 million to build Revel's popular HQ clubs and Center Bar, appealed a Jan. 8 order by U.S. Bankruptcy Judge Gloria M. Burns that would allow Florida investor Glenn Straub to buy Revel "free and clear of liens, claims, encumbrances, and interests.
BUSINESS
January 17, 2015 | By Harold Brubaker, Inquirer Staff Writer
The bankruptcy filing Thursday in Chicago by Caesars Entertainment Corp.'s largest unit includes Caesars and Bally's on the Atlantic City Boardwalk, but not the Harrah's casinos in Chester and Atlantic City. All Caesars properties included in the bankruptcy remain open. "With the overwhelming support of our first-lien bondholders, we are moving forward to implement our previously announced restructuring plan," Caesars chief executive Gary Loveman said. The long-anticipated filing by the Las Vegas gambling giant sets up a jurisdictional fight.
BUSINESS
January 8, 2015 | By Harold Brubaker, Inquirer Staff Writer
Carl Icahn blinked in his showdown with Unite Here Local 54 over the threatened closure of Atlantic City's Trump Taj Mahal last month, but new bankruptcy court documents show that the billionaire investor is holding to key demands. Instead of closing the casino, Icahn agreed to provide up to an additional $15 million in loans to keep the Taj Mahal open through bankruptcy. Still, the latest version of Trump Entertainment Resorts Inc.'s bankruptcy plan, filed Monday in Wilmington, says the company will not emerge from bankruptcy unless potential union pension liabilities are kept to a level that Icahn accepts.
BUSINESS
January 7, 2015 | By Harold Brubaker, Inquirer Staff Writer
A bankruptcy judge in Camden said Monday that she would approve the sale of Revel AC Inc. for $95.4 million to Florida investor Glenn Straub, rejecting Straub's effort to pay only $87 million. The next step is a sale order, which must be signed by U.S. Bankruptcy Judge Gloria M. Burns, but negotiations over the terms of that order - particularly how concerns of tenants and others will be handled - bogged down during a break. Burns asked attorneys for Revel, Straub, and other parties to work on a sales order to be filed this week, in time to be considered at a Revel hearing scheduled for Thursday.
BUSINESS
December 14, 2014 | By Harold Brubaker, Inquirer Staff Writer
U.S. Bankruptcy Judge Gloria M. Burns on Friday approved Revel AC Inc.'s request to terminate the deal to sell the closed Atlantic City casino to Brookfield Asset Management Inc. for $110 million. Next up for the $2.4 billion Revel, which opened in April 2012 and never turned a quarterly profit, is a Jan. 5 hearing for the judge to consider a sale to the backup bidder, Florida investor Glenn Straub, for $95.4 million. Neither Brookfield nor Straub - in Key West, Fla., for an unrelated court hearing - were represented at the hearing or on the phone participating in the hearing in Camden.
BUSINESS
December 7, 2014 | By Harold Brubaker, Inquirer Staff Writer
The Trump Taj Mahal in Atlantic City is likely to remain open until Dec. 20, as its parent company continues to negotiate for financial aid from the city or the State of New Jersey, the bankrupt Trump Entertainment Resorts said Friday. However, some employees already started working fewer hours this week, Kathleen McSweeney, senior vice president of market operations for Trump Entertainment, said in a statement. The Taj Mahal closed one of its hotel towers Monday, and at that point still planned to close the casino next Friday, according to a Nov. 26 petition on its closing plans filed with the New Jersey Division of Gaming Enforcement.
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