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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...
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
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...
BUSINESS
November 14, 2014 | By Harold Brubaker, Inquirer Staff Writer
Lest anyone forget why the Pennsylvania Gaming Control Board still has a license to issue for a second Philadelphia casino, a bankruptcy court hearing set for Friday morning offers a reminder. At the hearing in Philadelphia, lawyers for the defunct Foxwoods project - whose license to build a casino on the South Philadelphia waterfront was revoked four years ago - are scheduled to square off against lawyers for the state over the $50 million license fee Foxwoods paid in 2007. The key hearing comes just days before Tuesday's Gaming Control Board session at the Convention Center, where the board is expected to reissue the license.
BUSINESS
November 6, 2014 | By Harold Brubaker, Inquirer Staff Writer
Ahead of a key court hearing Wednesday in Wilmington, Trump Entertainment Resorts Inc. filed a revised bankruptcy plan showing that Carl Icahn - who is owed $292 million by Trump - could recover between 38 percent and 65 percent of his claim. Those percentages are based on estimated values of Trump Entertainment's two properties - the Trump Taj Mahal and the former Trump Plaza, which closed Sept. 16. The values range from $110 million, if the Taj Mahal is closed, to $190 million if the Taj Mahal remains open, the filing said.
BUSINESS
November 2, 2014 | By Harold Brubaker, Inquirer Staff Writer
Ahead of a key hearing next week in the Trump Entertainment Resorts Inc. bankruptcy, unsecured creditors blasted the company's disclosure statement for its Chapter 11 reorganization plan as a "charade" that should not be approved by the judge. The company owns the Trump Taj Mahal and the closed Trump Plaza casino hotels in Atlantic City. The creditors said the plan is designed for the "sole purpose of preserving hundreds of million of dollars in tax attributes for the exclusive benefit of [Carl]
BUSINESS
November 2, 2014 | By Harold Brubaker, Inquirer Staff Writer
In a sign of the ongoing devaluation of assets in Atlantic City, the utility company Pepco Holdings Inc. wrote down the value of its combined heat and power plant there by $53 million, or 64 percent, the Washington company announced Friday. Pepco slashed the value of the plant and related operations to $30 million from $83 million because of "significant adverse changes in the financial condition of its customers and the business climate in Atlantic City," the company said in its quarterly report to the Securities and Exchange Commission.
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.
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