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Bankruptcy

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.
NEWS
May 4, 1989 | By Mack Reed, Special to The Inquirer
A respected mission for the homeless here has filed for bankruptcy after the minister who formerly ran it was indicted on charges of molesting a 10- year-old girl, the mission's acting director said yesterday. Mission of Care, Inc. "was heading (toward bankruptcy) anyway" before its former director, the Rev. William J. Keichline, was arrested March 13, said David Cushworth, the acting director. "What little support we did have coming in (from donations) dried up after his arrest," Cushworth said.
SPORTS
October 14, 1998 | FROM INQUIRER WIRE SERVICES
The Pittsburgh Penguins filed for Chapter 11 bankruptcy protection yesterday while they battle four major lawsuits, including one by hall of famer Mario Lemieux. Co-owner Roger Marino cited losses of $37.5 million over the last two seasons and an inability to negotiate a more favorable lease at the Civic Arena, which will soon be the NHL's oldest. The Penguins also filed for bankruptcy in 1975 after the IRS padlocked team offices. That resulted in the NHL seizing the team and forcing a sale to new owners.
NEWS
May 2, 1995 | By Julie Stoiber, INQUIRER STAFF WRITER
Melvin Lashner, a bankruptcy lawyer in Center City for four decades, died Sunday after becoming ill at his Meadowbrook home during a party he and his wife were throwing to celebrate publication of a son's book. Mr. Lashner, who died at Abington Hospital, would have been 67 this Saturday. "He was always on the side of the guy who was in trouble," said William Lashner, who practiced law with his father until he became a fiction writer full time. Among Mr. Lashner's clients were union workers in the After Six Inc. bankruptcy.
BUSINESS
October 1, 1990 | By Glenn Burkins, Inquirer Staff Writer
Just when Thomas A. O'Neill thought he had seen it all, in walked a man with credit-card bills totaling $225,000. "That was a record for me," said O'Neill, president of the Consumer Credit Counseling Service in Philadelphia. "That, obviously, was not a normal example, but it is an actual case. " In a dramatic way, the debt-laden man illustrated a problem that O'Neill has preached for years: Too many U.S. consumers have not learned to curb their credit spending. And that problem, O'Neill said, is partly to blame for another dubious trend in America: the alarming rate at which families are going bankrupt, or at least filing for bankruptcy protection.
REAL_ESTATE
August 24, 1990 | By Robert J. Bruss, Special to The Inquirer
About four years ago I lost my job because my employer went broke. I fell about $3,500 behind on my credit-card payments and other bills. I stupidly filed for bankruptcy after seeing a lawyer's ads on television. However, he failed to warn me that bankruptcy stays on my credit report for 10 years. It has made it virtually impossible for me to obtain credit. Now I have enough for a 20 percent down payment on a home but can't get an 80 percent loan, even though I have an excellent job. I advise your readers to avoid bankruptcy.
BUSINESS
March 6, 1991 | The Inquirer Staff
Southland Corp., parent of the 7-Eleven convenience-store chain, emerged from Chapter 11 bankruptcy yesterday after two Japanese companies pumped $430 million in cash into the retailer by buying 70 percent of its stock. The stock purchase by Ito-Yokado Group and Seven-Eleven Japan Co. marked the final step in Southland's emergence from bankruptcy. The Dallas company entered bankruptcy five months ago with a "prepackaged" plan to restructure its debts. An overload of debt from a leveraged buyout in 1987 had caused the losses that forced Southland into bankruptcy.
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