April 10, 2010 |
A hearing is scheduled Tuesday on a motion by Orleans Homebuilders Inc. of Bensalem for debtor-in-possession financing to continue operations while the company is in Chapter 11 bankruptcy. The hearing is to begin at 3 p.m. in U.S. Bankruptcy Court in Wilmington. Orleans, the region's oldest residential builder, filed for bankruptcy protection March 1 after some of its 17 lenders had blocked efforts that would allow the company to be sold - even though it had reduced its bank debt by about 40 percent, from $513 million in 2007 to $311 million, according to Jeffrey P. Orleans, president, chairman, and chief executive officer.
January 1, 2013 |
Tribune Co., owner of the Chicago Tribune, the Los Angeles Times, the Baltimore Sun, and the Allentown Morning Call, as well as local TV stations including Channel 17 in Philadelphia and numerous cable and Internet properties, emerged from bankruptcy Monday. The move came four years after a doomed leveraged buyout by billionaire Sam Zell led to Chapter 11 proceedings. As part of its exit from bankruptcy, the Chicago-based company closed on a new $1.1 billion term loan and a $300 million revolving credit line.
April 16, 2012 |
When the Philadelphia Orchestra filed for Chapter 11 last spring, its leaders said the reorganization would cost $2.9 million in legal and administrative fees, and they predicted the orchestra would be out of bankruptcy in the latter part of 2011. The legal tab now looks likely to be triple that initial estimate, and the case is entering its second year. On April 16, 2011, the ensemble's 75-member board voted - with a few abstentions, and all five musicians on the board voting "no" - to become the first major U.S. orchestra to file for bankruptcy.
August 6, 1986 |
The company that proposed the failed Boardwalk Marketplace project in Atlantic City has not complied with a bankruptcy court order to file a complete list of assets and creditors, and the firm's bankruptcy attorneys have moved to withdraw from the case. Both developments have added to the confusion surrounding the Boardwalk Marketplace project, which is the subject of a criminal investigation by federal and state authorities. The Inquirer reported in June that convicted international swindler John Peter Galanis was the undisclosed mastermind behind Boardwalk Marketplace, which called for the redevelopment of a three- block area of Atlantic City.
November 21, 2009 |
Chief U.S. Bankruptcy Judge Stephen Raslavich agreed yesterday to extend until at least Jan. 31 the period during which Philadelphia Newspapers L.L.C. has the exclusive right to propose a reorganization plan for its newspapers and Web site - The Inquirer, the Philadelphia Daily News, and Philly.com. The company and its senior creditors agreed to the extension before the hearing. "I agree that what you propose makes sense under the circumstances," Raslavich said after short presentations by company lawyer Lawrence G. McMichael and Andrew Kassner, a lawyer for Citizens Bank.
February 25, 1992 |
Conston Corp., the Philadelphia retailer of large-size women's clothing, announced yesterday that it would file for bankruptcy protection. It will be the second time in two years that the operator of 14 Plus and 16 Plus stores has petitioned for protection under Chapter 11 of the federal bankruptcy laws. "There were no other options," said Ira Quint, chief executive officer, who briefed board members in a day-long meeting yesterday at the company's headquarters near the Philadelphia airport.
January 16, 2004 |
ATX Communications Inc., of Bala Cynwyd, a regional phone and Internet service provider that has tried for three years to cut its debt, filed yesterday to reorganize under Chapter 11 bankruptcy protection. The company employs 1,200 people - nearly half of them in the Philadelphia area - and serves 300,000 residential and 30,000 business customers from here to the Midwest and New York. It does not anticipate laying off any workers as a result of the filing, said Grant Evans, a company spokesman.
April 30, 2009 |
Old Original Bookbinder's bankruptcy petition was dismissed yesterday, and it appears increasingly likely that the restaurant is done after 116 years. Creditors, owed about $1.8 million, must find a way outside of U.S. Bankruptcy Court to seek reimbursement from owners John E. Taxin and his aunt Sandy Taxin. Earlier this week, John Taxin handed over the keys to the Old City landmark at 125 Walnut St., which closed last month as he tried to find someone to save it. A new tenant is being sought.
June 25, 1987 |
For the second time in recent months, King of Prussia developer John S. Trinsey has declared bankruptcy, a legal maneuver that has halted the sale this week of his controversial Rebel Hill townhouses. Less than 24 hours before the property was to be sold at a sheriff's auction, Trinsey on Tuesday filed for protection under Chapter 11 of the U.S. Bankruptcy Law, which means that, for the time being, the development remains in the hands of Trinsey's company, Gulph Woods Corp. The financially troubled development, which sits atop Rebel Hill and overlooks the modest homes of residents who fought the project for nearly 30 years, was to have been sold yesterday afternoon in a Montgomery County courtroom.
August 1, 2012 |
The Philadelphia Orchestra Association is out of bankruptcy. U.S. Bankruptcy Judge Eric L. Frank approved the association's reorganization plan June 28, but with the writing of checks and completion of other administrative matters Monday and Tuesday, the curtain officially came down on perhaps the most perilous episode in the history of the organization that supports and presents the storied ensemble. "I feel like I'm getting out of jail," said orchestra chairman Richard B. Worley.