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.