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Bridge Loan

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BUSINESS
September 18, 2009 | By Linda Loyd INQUIRER STAFF WRITER
Aker Philadelphia Shipyard says it needs to borrow $150 million to construct two tankers, for which it has already ordered parts but has no buyers. If it does not get the money or sell the ships, the second-largest U.S. commercial shipbuilder may ultimately have to shut its operations at the Navy Yard, the company and government officials say. In a normal economy, Aker would borrow from a bank, but with credit impossible to get, Aker is seeking a $150 million "bridge loan" from the Maritime Administration of the U.S. Department of Transportation.
NEWS
October 20, 1999 | By Susan Weidener, INQUIRER SUBURBAN STAFF
The Borough Council voted unanimously to lend $1.55 million to the Paoli Battlefield Preservation Fund until federal funding comes through for the $2.6 million purchase of the historic Paoli Battlefield site. But the preservationists plan to ask Malvern Preparatory School for an extension on the Oct. 31 settlement deadline, because the borough's funds are not expected to come through in time. Michael Steinberger, president of the nonprofit Paoli Battlefield Preservation Fund, said his group would formally request a 60-day extension from the school.
NEWS
August 24, 2011
Real estate investment banker Bluestone Real Estate Capital, of Philadelphia, said it closed transactions totaling $68 million in the Philadelphia region in the last 30 days. The transactions involved $21 million for Tower Investment's Erbe Apartment complex in Northern Liberties; $17 million in redevelopment financing for the Robert Morris Building in Center City; $10 million in equity financing for 806 Capital for Center City Northeastern (formerly Temple University's Northeastern Hospital)
BUSINESS
March 17, 2015 | By Jane M. Von Bergen, Inquirer Staff Writer
Exhausted after his shift as a waiter, Richard P. Miller, then a 21-year-old college senior, jumped into his rickety Volkswagen bug and headed back to his school. He didn't make it. "I fell asleep at the wheel and hit a bridge abutment going about 40 m.p.h.," said Miller, now 62, president and chief executive of Virtua Health Inc., the three-hospital health system based in Marlton. Helicoptered to a shock-trauma unit in Maryland, "I actually ended up on a ventilator and I ended up on dialysis and wasn't given much chance," he said.
NEWS
July 25, 1991 | By Marguerite P. Jones, Special to The Inquirer
The bills always seem to be on time. It's the payments that cause the headaches. Langhorne Manor Borough is wrestling with this problem over its $4 million sewer project. Since construction began more than three months ago, bills from the contractor and engineer have been coming in right on time. But the payments from Pennvest, a state fund that assists with municipal capital improvement projects, are slow. Pennvest has given the borough $3.4 million in a low-interest loan and a $500,000 grant for the project.
NEWS
December 29, 1988 | By NORMAN A. BAILEY
On a hot three-day August weekend in 1982 in Washington, a $2.5 billion rescue package was hammered out for Mexico, which had just declared insolvency. In return, American farmers sold grain and the U.S. strategic petroleum reserve got Mexican oil at a concessionary price. In October 1988, six years later, after a few hours of conversation, a $3.5 billion rescue package for Mexico was granted by the U.S. government. The American people got the assurance that there would be no major disruptions in Mexico as its new president took office.
BUSINESS
December 9, 1989 | By Andrea Knox, Inquirer Staff Writer
Major investors in Orfa Corp. of America, dissatisfied with the company's perpetually teetering finances, will take control of Orfa and install a former Beckman Instruments Co. official as its chief executive officer. The Orfa board approved the takeover at a meeting yesterday, according to William F. Ballhaus, who will replace Harvey Kaye as chairman, chief executive officer and president of Orfa, a Cherry Hill firm that is trying to create a market for a new trash-recycling process.
NEWS
November 5, 1999 | By Susan Weidener, INQUIRER SUBURBAN STAFF
After four years of "Remembering Paoli" and rallying financial support on the local, state and federal levels, Malvern Prep and the Paoli Battlefield Preservation Fund will settle on the property today at the school. A check for $2.5 million will be passed from the nonprofit fund to the school's board of trustees. The committee put a $100,000 deposit on the property in April 1998. The committee will then transfer the property to Malvern Borough, which is responsible for maintaining the 40-acre site.
NEWS
July 8, 2009 | By Marcia Gelbart INQUIRER STAFF WRITER
Though the Fourth of July party in Philadelphia is primarily a city-sponsored event, this year organizers had to squeeze out dollars to pay for city services - more than $300,000. Without that payment, expenses for the Sunoco Welcome America celebration would have totaled $1.7 million, less than the $2.1 million price tag for last year, said City Representative Melanie Johnson, who also is the festival's executive director. Like other signature events - including the St. Patrick's Day and Mummers Parades - Welcome America has found itself paying for crowd control, sanitation, and emergency medical services.
NEWS
November 4, 1992
Over at the Rendell housing office, they've got plenty of questions about the struggling effort to renovate and rescue the Germantown YMCA and men's residence - a neighborhood jewel that's literally crumbling while YMCA officials hunt for the pieces to a financial jigsaw puzzle. But before getting to their questions, which are mostly sane and logical and good-government- like, let's ask a few questions ourselves. Question One: Where would Mayor Rendell like to put the 128 troubled men living now at the Y - many of them fighting histories of alcohol and drug abuse - if they're tossed out on the street due to the continued deterioration of the 65-year-old Greene Street YMCA?
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BUSINESS
March 17, 2015 | By Jane M. Von Bergen, Inquirer Staff Writer
Exhausted after his shift as a waiter, Richard P. Miller, then a 21-year-old college senior, jumped into his rickety Volkswagen bug and headed back to his school. He didn't make it. "I fell asleep at the wheel and hit a bridge abutment going about 40 m.p.h.," said Miller, now 62, president and chief executive of Virtua Health Inc., the three-hospital health system based in Marlton. Helicoptered to a shock-trauma unit in Maryland, "I actually ended up on a ventilator and I ended up on dialysis and wasn't given much chance," he said.
BUSINESS
June 21, 2012 | By David Sell and INQUIRER STAFF WRITER
Looking to increase its operations in South America, Air Products & Chemicals Inc., of Allentown, said Tuesday that it agreed to pay $884 million to buy a 67 percent stake in Indura S.A., which is based in Santiago, Chile. Air Products had two regional headquarters in Europe and three in Asia, but this move expands the South American presence, which previously took the form of subsidiaries in Brazil and Argentina and a joint venture in Mexico. "Air Products' investment in Indura continues our strategy to expand our global presence in high-growth regions with strong local partners," John E. McGlade, chairman, president and chief executive officer of Air Products, said in a statement.
SPORTS
December 13, 2011 | DAILY NEWS WIRE REPORTS
FORMER PHILLIES centerfielder Aaron Rowand signed a minor league contract with the Miami Marlins and will contend for a job as a backup outfielder. Rowand, 34, hit .233 with four homers in 108 games for San Francisco last season. His best year was in 2007 with the Phillies, when he hit .309 with 27 homers and 89 RBI before leaving as a free agent. If Rowand is added to the 40-man roster, he'll receive the major league minimum $480,000, which would be offset from the $12 million owed in the final season of 5-year, $60 million deal from which the Giants released him in September.
NEWS
August 24, 2011
Real estate investment banker Bluestone Real Estate Capital, of Philadelphia, said it closed transactions totaling $68 million in the Philadelphia region in the last 30 days. The transactions involved $21 million for Tower Investment's Erbe Apartment complex in Northern Liberties; $17 million in redevelopment financing for the Robert Morris Building in Center City; $10 million in equity financing for 806 Capital for Center City Northeastern (formerly Temple University's Northeastern Hospital)
BUSINESS
June 25, 2010 | By Linda Loyd, Inquirer Staff Writer
Pink slips will go out soon at Aker Philadelphia Shipyard to an undisclosed number of workers because the shipbuilder does not have new orders or enough work to keep 1,000 people busy all the time. Aker has three product tankers in various stages of production, all of which have been sold. The last tanker is scheduled for completion in 2012. Aker has ordered parts for two additional tankers but still does not have financing or buyers. With credit tight and the economy crimping demand for petroleum products, offshore drilling, and new ship orders, Aker chief executive officer Jim Miller met with union leaders and employees this week and said there would be layoffs at the South Philadelphia yard.
REAL_ESTATE
September 27, 2009 | By Al Heavens, Inquirer Columnist
In August, Carl and Susan Schwartz bought a $255,000 house in Huntingdon Valley and sold the one in the city's Bustleton section that she bought 26 years ago, netting $165,000. They closed on the new house before settling on the old one. Although they were able to put $50,000 down on the new house, the juxtaposition of the two transactions forced Susan Schwartz to take out a $205,000 fixed-rate loan at 5.2 percent. "I didn't want a mortgage at all," said Susan, 61, a Philadelphia teacher.
BUSINESS
September 18, 2009 | By Linda Loyd INQUIRER STAFF WRITER
Aker Philadelphia Shipyard says it needs to borrow $150 million to construct two tankers, for which it has already ordered parts but has no buyers. If it does not get the money or sell the ships, the second-largest U.S. commercial shipbuilder may ultimately have to shut its operations at the Navy Yard, the company and government officials say. In a normal economy, Aker would borrow from a bank, but with credit impossible to get, Aker is seeking a $150 million "bridge loan" from the Maritime Administration of the U.S. Department of Transportation.
NEWS
July 8, 2009 | By Marcia Gelbart INQUIRER STAFF WRITER
Though the Fourth of July party in Philadelphia is primarily a city-sponsored event, this year organizers had to squeeze out dollars to pay for city services - more than $300,000. Without that payment, expenses for the Sunoco Welcome America celebration would have totaled $1.7 million, less than the $2.1 million price tag for last year, said City Representative Melanie Johnson, who also is the festival's executive director. Like other signature events - including the St. Patrick's Day and Mummers Parades - Welcome America has found itself paying for crowd control, sanitation, and emergency medical services.
BUSINESS
February 1, 2009 | By Bob Fernandez INQUIRER STAFF WRITER
Corporate lawyers blog about him, and Wall Street arbitrageurs track his decisions as if they were standings in a fantasy football league. He's the closest thing there is to a national celebrity business judge. And now William B. Chandler 3d, chancellor of Delaware's prestigious Court of Chancery, is being asked to do something no other judge has had to ponder: Force two chemical giants into a multibillion-dollar merger in the deepest recession since the 1930s. The stakes: The possible demise of two huge, proud companies.
NEWS
November 5, 1999 | By Susan Weidener, INQUIRER SUBURBAN STAFF
After four years of "Remembering Paoli" and rallying financial support on the local, state and federal levels, Malvern Prep and the Paoli Battlefield Preservation Fund will settle on the property today at the school. A check for $2.5 million will be passed from the nonprofit fund to the school's board of trustees. The committee put a $100,000 deposit on the property in April 1998. The committee will then transfer the property to Malvern Borough, which is responsible for maintaining the 40-acre site.
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