November 2, 2014 |
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 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.
November 2, 2014 |
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]
October 19, 2014 |
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.
October 15, 2014 |
A Gloucester County skydiving company has filed for bankruptcy, but it says its daredevil fun will continue nonetheless. Freefall Adventures' petition for Chapter 11 - a designation that allows businesses to reorganize during financial hardship - was recorded in federal bankruptcy court this month. The company, which operates out of Cross Keys Airport in Monroe Township, is a mainstay in the regional skydiving community, though it has also gained attention over the years for accidents and fatalities, risks commonly associated with the sport.
October 11, 2014 |
Trump Entertainment Resorts Inc. has asked a bankruptcy judge to order its biggest union to stop harassing convention clients. An official with Unite Here Local 54, which represents 1,140 workers at Trump Taj Mahal, has been contacting organizations that have meetings scheduled at the casino and urging them to consider using another venue in the city, one not trying to eliminate health insurance for workers. "Atlantic City and New Jersey have a lot of labor and labor-friendly businesses, and most groups don't want to get involved in a labor dispute over health care or anything else," Unite Here spokesman Ben Begleiter said Thursday.
October 9, 2014 |
The lawyers and investment bankers who were trying to sell Atlantic City's Revel Casino Hotel were faced with a choice at last week's auction. They could accept as final the $110 million bid from a unit of Brookfield Asset Management that was due to expire at 6 a.m. Oct. 1, or they could adjourn the auction until this week to give Florida investor Glenn Straub time to consider a higher bid. Revel's representatives went with what one called the...
October 3, 2014 |
T ERESA GIUDICE , one of "Real Housewives of New Jersey," was sentenced yesterday to 15 months in prison on conspiracy and bankruptcy charges, while her husband, Giuseppe "Joe" Giudice , got it worse. He was sentenced to 41 months. Together they must pay $414,000 in restitution. The judge said that Teresa will serve her sentence first so that Joe can stay home with the couple's four children. Teresa cried as she apologized in court before her sentencing.
September 21, 2014 |
The owners of the $129 million utility plant that heats and cools the shuttered Revel Casino Hotel in Atlantic City warned in a court filing Friday that the plant itself might have to file for bankruptcy. ACR Energy Partners L.L.C., a joint venture of South Jersey Industries Inc. of Folsom, N.J., and DCO Energy L.L.C. of Mays Landing, N.J., has been paid just $2.35 million of the $11.85 million it has billed since Revel filed for its second bankruptcy in June. Before the bankruptcy, Revel was at least $11 million behind on its ACR payments, which include $1.7 million a month in fixed payments for debt service and returns on the $40 million in equity invested by the partners, according to court records.
September 11, 2014 |
The purge of Atlantic City's weakest casinos continued Tuesday, as Trump Entertainment Resorts Inc. filed for bankruptcy in Delaware, a week before it plans to shut down Trump Plaza. The company also said it expects to pull the plug on Taj Mahal in November if it fails to get concessions from the casino's unionized workers. The Taj Mahal, which employs 2,963, would be the fifth Atlantic City casino to close this year. Despite the threat of closure, Bob McDevitt, president of Unite Here Local 54, said there was little the union could do to help bail out Trump Taj Mahal.