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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
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.
BUSINESS
November 28, 2014 | By Harold Brubaker, Inquirer Staff Writer
Investor Carl Icahn has agreed to lend Trump Entertainment Resorts Inc. up to $5 million to help the owner of Trump Taj Mahal Casino in Atlantic City pay its bankruptcy expenses into January. The move, described in a bankruptcy court filing Wednesday, could indicate that a deal is near to keep the Taj Mahal open. Trump has said it will close the casino Dec. 12 if its biggest union doesn't drop an appeal of an October bankruptcy ruling that stripped workers of company-sponsored health insurance.
BUSINESS
November 25, 2014 | By Jane M. Von Bergen, Inquirer Staff Writer
Although the decorations have been up for weeks, Friday marks the official start of the holiday shopping season. Or rather, it used to - these days, more and more stores are opening on Thanksgiving. That's why, at 6 p.m. Thursday, Albert Boscov, 85, will finish up his turkey dinner at home and head to one of the company's 43 stores. "We don't like opening on Thanksgiving, because we screw up life for people," said Boscov, chairman of Boscov's Department Store L.L.C., now celebrating its 100th anniversary.
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...
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