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Reorganization

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BUSINESS
November 19, 1987 | By Andrea Knox, Inquirer Staff Writer
Shareholders of TeleSciences Inc. will be asked to approve a major restructuring that would include a $3 million venture-capital investment, the Marlton company said yesterday. The proposed reorganization also includes the sale of the company's remaining 36 percent interest in its TeleSciences C O Systems Inc. subsidiary and "favorable settlements" with its major creditors. If approved, the restructuring should be completed by the end of January, according to executive vice president Seymour Hernes.
BUSINESS
January 31, 2015 | By Harold Brubaker, Inquirer Staff Writer
Campbell Soup Co. shuffled top executives and said it will "proceed on a reorganization of Campbell's corporate functions to deliver agile and effective support to the business divisions, and on a major project to reexamine and redesign the company's cost structure. " In its announcement Thursday, the Camden company, whose gross profit margin has steadily eroded in recent years, provided no specifics on targets for cost cutting. The reorganization, not the first in Campbell's recent history, reduced Campbell's divisions to three from four.
NEWS
January 8, 1988 | By Christopher Hand, Special to The Inquirer
The Riverton Borough Council appointed Thomas P. Foy of Mount Holly as solicitor last night. Also appointed during the second portion of its annual reorganization meeting were John E. Kurtz of Burlington City, prosecutor; Michael Brady of Marc Associates of Chatsworth, engineer, and Walter L. Weilenbeck, dog warden. The reorganization meeting was held over two days because two council members were unable to attend the swearing-in ceremony New Year's Day, according to newly elected Mayor Walter E. Engle.
NEWS
September 20, 2011 | By Don Hopey, Pittsburgh Post-Gazette
The state Department of Environmental Protection will change the way it administers its oil and gas program and move all departmental operations "back to basics" as part of an extensive reorganization unveiled to department employees Monday. The Corbett administration's long-awaited plan will create a stand-alone Oil and Gas Bureau for the program that oversees regulation of the booming and controversial Marcellus Shale gas development. The administrative structure will be similar to that of the DEP's Mining Bureau, with the Oil and Gas Bureau reporting directly to administrators in Harrisburg and not to regional offices.
NEWS
January 23, 2012 | By Alan J. Heavens, INQUIRER REAL ESTATE WRITER
A federal bankruptcy judge has approved a reorganization plan for TH Properties, the Harleysville-based home builder that filed for Chapter 11 protection in April 2009. The plan, approved in Philadelphia Friday by Chief Bankruptcy Judge Stephen Raslavich, was submitted Dec. 8. According to court documents, the reorganization plan is predicated on completion of home construction in two phases of the Northgate development in Upper Hanover Township and at the Wynstone development in New Hanover Township, both in Montgomery County.
BUSINESS
December 4, 1987 | By Gilbert M. Gaul, Inquirer Staff Writer
A proposal to dramatically alter the structure of Pennsylvania Blue Shield, the state's largest nonprofit health insurer, is raising serious concerns for state regulators. At issue are whether the insurer's 5.4 million subscribers would benefit from the transfer of up to $50 million in assets under the reorganization of Blue Shield and what control regulators would have over new for-profit subsidiaries. "I think there still are unresolved issues, some of which are substantial, including whether the reorganization ought to be approved by the department," Ronald E. Chronister, deputy insurance commissioner, said yesterday.
BUSINESS
May 25, 2002 | By Joseph N. DiStefano INQUIRER STAFF WRITER
A Commonwealth Court judge has approved the reorganization of Fidelity Mutual Life Insurance Co. nearly 10 years after the troubled insurer was seized by Pennsylvania officials to prevent its collapse from bad real estate investments. President Judge Stanley Gardner Colins' ruling paves the way for Fidelity to pay the last of its creditors. Over the last year, the company paid policyholders $135 million in dividends and allowed them new access to policy funds that had been frozen.
NEWS
December 31, 1993 | By Sonia R. Lelii, INQUIRER CORRESPONDENT
The Township Council's reorganization meeting will go on as planned Monday despite defeated Councilman Kenneth Gewertz's attempt to get an injunction from a Gloucester County Superior Court judge to postpone the event. Assignment Judge Samuel G. DeSimone denied Gewertz's petition yesterday, saying Gewertz did not provide enough proof that such a drastic measure was needed. Gewertz would have had to show that if the reorganization took place, it would prejudice a January court hearing contesting the Nov. 2 election results.
BUSINESS
July 9, 2010 | By Andrew Maykuth, Inquirer Staff Writer
A federal judge Thursday rejected a move by employee pension plans at The Inquirer and the Philadelphia Daily News to delay the reorganization of the bankrupt media company, removing an impediment to the company's reemergence under new ownership. Chief Bankruptcy Judge Stephen Raslavich denied the request to put the reorganization on hold while the pension plans appeal the plan in U.S. District Court. The funds oppose the reorganization because the new owners will be absolved of responsibility for funding pension shortfalls.
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ARTICLES BY DATE
BUSINESS
January 31, 2015 | By Harold Brubaker, Inquirer Staff Writer
Campbell Soup Co. has shuffled top executives and said it would "proceed on a reorganization of Campbell's corporate functions to deliver agile and effective support to the business divisions, and on a major project to reexamine and redesign the company's cost structure. " In its announcement Thursday, the Camden company, whose gross profit margin has steadily eroded in recent years, provided no specifics on targets for cutting costs. The reorganization, not the first in Campbell's recent history, reduced the company's divisions to three from four.
NEWS
December 27, 2014 | By Michaelle Bond, Inquirer Staff Writer
Like his fellow students at Conestoga High School in Tredyffrin Township, 14-year-old Warren Zhao was excited Tuesday to start a week and a half of vacation from school. But less than two hours after school let out, Zhao was combing through stacks of nonfiction books. He had volunteered to help the financially struggling Tredyffrin Public Library recover from flooding that hit the day after Thanksgiving. "I feel like it's my duty as a citizen of the community to help out as much as possible," said Zhao, who also volunteered on Sunday with fellow members of Boy Scout Troop Devon 50. "I came back because when I got here, I didn't think the flooding would be that bad. " Plumbing malfunctions caused part of the library to flood a month ago, destroying carpets and furniture, and damaging some shelves and drywall.
BUSINESS
November 2, 2014 | By Harold Brubaker, Inquirer Staff Writer
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]
BUSINESS
August 17, 2014 | By Joseph N. DiStefano, Inquirer Staff Writer
Philadelphia's largest and oldest bank plans to scrap what is left of its old depositor-owned, mutual-ownership scheme and sell shares now valued at more than $600 million to stock market investors. Beneficial Mutual Bancorp, the publicly traded company that owns Beneficial Bank and its 58 regional branches and $4 billion in loans and investments, announced late Thursday its plans to sell the 60 percent of its shares that are owned by its Beneficial Savings Bank Mutual Holding Company affiliate to the public.
BUSINESS
May 14, 2014 | By Harold Brubaker, Inquirer Staff Writer
Deer Meadows Retirement Community in Northeast Philadelphia, which filed for bankruptcy protection last month, is on track for a sale or reorganization that will allow it to keep operating, the nonprofit's chief executive, Lisa Sofia, said Monday. "The ultimate goal is for Deer Meadows to stay open, which it will," said Sofia, who assumed leadership of Deer Meadows in November 2011. That is when the continuing-care retirement community last made a bond payment. Deer Meadows, which has 491 residents and employs 369 workers, took on $28.38 million in bond debt in 1998 to build a new nursing home with space for 135 beds and then renovate the former nursing-home space into 78 personal-care units, bond offering documents said.
BUSINESS
September 14, 2013 | By Linda Loyd, Inquirer Staff Writer
NEW YORK - A federal bankruptcy judge approved American Airlines' reorganization plan Thursday, including a merger with US Airways Group, conditional on the combination clearing an antitrust challenge by the Justice Department. Judge Sean H. Lane also struck down nearly $20 million in severance payments for Tom Horton, CEO of American's parent AMR Corp. Horton quickly agreed to the move. Lane said he found the arguments in favor of confirmation of American's plan to exit bankruptcy persuasive.
BUSINESS
August 9, 2013 | By Harold Brubaker, Inquirer Staff Writer
  Independence Blue Cross plans to ask the Pennsylvania Insurance Department on Thursday for permission to reorganize its complicated corporate structure to allow the Philadelphia health insurer to adapt more quickly to changes in the market. "We're redesigning a 75-year-old structure that reflects our past, not our present or our future," said Daniel J. Hilferty, IBC's president and chief executive. "This redesign will give us a structure similar to our competitors and peers.
BUSINESS
July 10, 2013 | By Joseph N. DiStefano, Inquirer Staff Writer
Waterloo Gardens is offering deep discounts as it prepares to close its last store, in Exton. The going-out-of-business sale at the 50-acre nursery and retail property follows last year's bankruptcy filing and the closing of the LeBoutillier family business's original Devon store. The bankruptcy followed Waterloo Gardens' ill-timed expansion to stores in Warminster and Wilmington in the late 2000s, just as the recession and the collapse of suburban housing development cut demand for landscaping services, flowers and ornamental trees, and new fountain systems, patio furniture, and other outdoor items.
NEWS
January 11, 2013
The Chester County Board of Commissioners on Wednesday elected Ryan Costello as its chair and reelected Kathi Cozzone as vice chair. Commissioner Terence Farrell, chair last year on the three-member board, nominated both Costello and Cozzone. The votes were unanimous. Costello, a lawyer, was chairman of the Board of Supervisors in East Vincent Township from 2004 to 2007 and has been a county commissioner since 2011. Cozzone, an accountant who joined the Chester County Workforce Investment Board in 2012, has been a commissioner since 2008.
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