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Bankruptcy

NEWS
May 1, 2016 | By Andrew Maykuth, STAFF WRITER
Penn Virginia Corp., the embattled Radnor oil and gas producer, stated Friday in a U.S. Securities and Exchange Commission filing that it is "highly likely" it will seek Chapter 11 bankruptcy protection to restructure $1.2 billion in debt. The company, which is among many U.S. oil and gas producers in financial trouble because of low energy prices, acknowledged in its first-quarter earnings report that it is in default under its revolving credit agreement. Its lenders have agreed not to declare default until May 10 if certain conditions have been satisfied.
BUSINESS
April 26, 2016
Edward M. Magin, 308 Nassau Ave., Paulsboro; Chapter 7; no schedules available. Atrium Executive Suites & Conference Center L.L.C. , 3000 Atrium Way, Suite 200, Mount Laurel; Chapter 11; no schedules available. David Gregory Pucci, also known as David G. Pucci, formerly doing business as Valerio Painting & Remodeling, formerly doing business as Valerio Painting, 855 S. Waterloo Rd., Devon; Chapter 13; no schedules available. SOURCES: The Legal Intelligencer; U.S. Bankruptcy Court for the District of New Jersey
BUSINESS
April 18, 2016 | By Suzette Parmley, Staff Writer
Close calls don't count in sports retailing, and that helps explain why it will soon be lights out for the Sports Authority store in Cherry Hill. The field is crowded - Dick's Sporting Goods (the 800-pound gorilla because of its scale), Modell's, REI, Cabela's, and Bass Pro Shops are among the players vying for the sporting dollar. There's also Schuylkill Valley Sports, an employee-owned firm with 18 stores in the Philadelphia region, and City Sports, an East Coast chain that tanked and is being revived by two Wharton-trained brothers.
BUSINESS
April 15, 2016 | By Harold Brubaker, STAFF WRITER
Lawyers for the defunct Foxwoods casino project in South Philadelphia lost their bid in bankruptcy court to recoup the $50 million license fee Foxwoods paid in 2007. In a 64-page ruling Friday, U.S. Bankruptcy Judge Magdeline D. Coleman rejected the Foxwoods group's arguments under bankruptcy code and said she did not have jurisdiction over certain other counts, which belong in state court. A lawyer for the Foxwoods group - formally known as Philadelphia Entertainment & Development Partners L.P. - said he would recommend that his client appeal the bankruptcy issues to U.S. District Court for the Eastern District of Pennsylvania.
NEWS
April 4, 2016 | By Andrew Seidman, TRENTON BUREAU
South Jersey lawmakers warned the state Assembly speaker Sunday that his refusal to consider a state takeover of Atlantic City would result in "a catastrophic knock-down blow to the people of Atlantic City, Atlantic County and the region. " The letter from South Jersey's Democratic legislators, including Assembly Majority Leader Louis D. Greenwald (D., Camden), to Assembly Speaker Vincent Prieto (D., Hudson) was sent as Atlantic City is set to run out of money this week, possibly closing government for nonessential employees.
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