July 2, 2013
S & K of Ocean City L.L.C. d/b/a Blue Water Marina , 435 E. Melrose Ave., Westmont; Chapter 11; no schedules available. Phoenix Enterprises Unlimited L.L.C. C/O Helen Emrick , P.O. Box 150, Maple Shade; Chapter 7; no schedules available. SOURCES: The Legal Intelligencer, U.S. Bankruptcy Court for the District of New Jersey.
June 27, 2013 |
Diversifying a business can make sense, but Wednesday presented an example of diversification gone awry. Pfizer, Inc., is the world leader in selling prescription medicine and has a big operation in Collegeville. But part of its legion of lawyers was in federal bankruptcy court in Manhattan handling a $961 million settlement fund for some - but not all - people claiming harm from asbestos. The asbestos was contained in insulation used in blast furnaces for steel-making. What does Pfizer have to do with making steel?
May 22, 2013
In the Region Revel formally out of bankruptcy Atlantic City's $2.4 billion Revel casino formally completed its financial restructuring and emerged from Chapter 11 bankruptcy Tuesday. The reorganization plan, approved by a U.S. bankruptcy judge and the New Jersey Casino Control Commission last week, eliminates about $1.2 billion of the casino's $1.5 billion debt through a debt-for-equity swap with its creditors. Revel has struggled since opening April 2, 2012, on the Boardwalk.
May 15, 2013 |
Revel's exit strategy from Chapter 11 bankruptcy was approved by a judge Monday, clearing the way for the lavish but financially troubled casino to restructure its finances and pump resources into better marketing and new amenities in time for the busy summer. "I can conclude that withstanding the challenges that await the debtor - including difficult competing circumstances of the industry and Atlantic City as well - a reasonable prospect of success has been shown on this record," Judge Judith Wizmur said in approving the plan.