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Restructuring

NEWS
February 23, 2012 | By Kristen A. Graham, Inquirer Staff Writer
The William Penn Foundation is donating $1.5 million to help restructure the Philadelphia School District, and officials said Wednesday they thought the move could bring more funds from the philanthropic and nonprofit sectors. The money would go directly to pay for what is regarded as a much-needed management consultant, William Penn president Jeremy Nowak said Wednesday. Nowak also said the foundation would help the School Reform Commission identify other private funders to help turn the district around.
SPORTS
February 22, 2012 | BY LES BOWEN, bowenl@phillynews.com
CULLEN JENKINS knew his $7.5 million cap number for 2012 might be a problem. In the end, Jenkins was more interested in not having to uproot his family again, and in helping the Eagles be more competitive in the free-agent market, than he was in making every penny he might have been able to squeeze out of his situation. Jenkins, 31, was an honest, solid, reliable performer for the 2011 Eagles, and he remained in that mode yesterday, when the team announced he had agreed to restructure his contract, originally announced as a 5-year deal last August.
NEWS
February 21, 2012 | By Jeff McLane, INQUIRER STAFF WRITER
Cullen Jenkins took a pay cut and was happy to talk about it. The Eagles "restructured" the defensive tackle's contract and released the information through a news release. Typically, that does not happen. But the team's announcement and Jenkins' willingness to talk with reporters during a conference call Tuesday reflected the collegial nature of negotiations, because neither side wanted a parting of the ways. But with Jenkins slated to earn $7.5 million in total salary for the coming season - all of which would have counted against the Eagles' salary cap number - there was the possibility the team could have released the 31-year old. It was unclear whether the Eagles were willing to cut Jenkins - one of the few "Dream Team" free-agent signings from last summer to live up to expectations and one who became a locker-room leader - but he said he knew at the end of the season that his contract would have to be reworked if he wanted to return.
BUSINESS
October 20, 2011 | By Mike Armstrong, Inquirer Staff Writer
With its business in Europe struggling, Philadelphia-based Checkpoint Systems Inc. announced plans to expand a restructuring program to cut expenses and jobs. The maker of antitheft tags and devices for retail chains said its latest restructuring would affect 1,000 existing employees, or 17 percent of its global workforce, compared with a similar effort launched in 2009 that eliminated 204 positions. It was unclear how many of those cuts may fall on its small Center City headquarters or at its Thorofare operations, where about 250 are engaged in research and development, accounting, human resources, and other functions.
BUSINESS
July 27, 2011 | By David Sell, Inquirer Staff Writer
GlaxoSmithKline chief executive officer Andrew Witty said Tuesday that the pharmaceutical industry would contract in coming years and that the survivors would be the companies that solved the "equation" of how to squeeze the most profit from every pound or dollar spent on research and development. Financial markets are the driver of the change. "The market is signaling that it wants less - in total - spent on R&D, so the total amount of R&D will come down," Witty said from the London Stock Exchange during a conference call with reporters after the release of second-quarter earnings.
SPORTS
July 5, 2011
The Flyers will apparently have to restructure the five-year, $9 million contract they gave to free-agent forward Max Talbot on Friday. According to TSN, the Flyers violated the Collective Bargaining Agreement by reducing Talbot's salary by more than 50 percent between the third and fourth years - from $2.25 million to $1 million. Barry Hanrahan, the Flyers' assistant general manager, downplayed the matter and said no fine was forthcoming. "We haven't heard from the league," he said in a text message on Monday.
NEWS
May 24, 2011 | By Mark Fazlollah and Jennifer Lin, Inquirer Staff Writers
Philadelphia Housing Authority chief Michael P. Kelly says he expects to quickly enact a "fundamental restructuring" of the agency's nonprofit tenant organization to restore public confidence after allegations of misused funds. The organization - Tenant Support Services Inc. - is led by Asia Coney, who earns $108,000 a year, while living in public housing. Kelly said PHA would decide by June 30 whether to renew its $1.4 million contract with the tenant group for the third and final year.
BUSINESS
April 14, 2011 | By Elena Becatoros, Associated Press
ATHENS, Greece - Greece's finance minister on Wednesday ruled out any restructuring of his country's crippling debt burden but warned that even more budget cutbacks were needed to achieve EU targets. Greece avoided bankruptcy last year with a $160 billion rescue package from its European partners and the International Monetary Fund. In return, the government slashed pensions and civil service salaries while hiking taxes and retirement ages. Many analysts believe Greece will eventually have to restructure its debt, regardless of whether it implements all the reforms it promised.
NEWS
January 26, 2011 | By Kristen A. Graham and Jeff Gammage, Inquirer Staff Writers
The Philadelphia School District will radically restructure 18 chronically failing schools in September, with changes in how each runs and who works there. Ten schools will be operated by the district, receiving a cash injection of at least $1 million each. An additional eight will be given to charter organizations. Most of the schools will see a change in principal and at least half of its teaching force, with all staffers forced to reapply for their jobs. School days and years will be longer.
NEWS
October 1, 2010 | By Miriam Hill, Inquirer Staff Writer
A major effort to overhaul the city tax code took a small step forward Thursday as City Council members Bill Green and Maria Quiñones Sánchez introduced a bill to restructure business taxes. Their proposal is expected to encounter vigorous debate, as Philadelphia's business community has yet to weigh in on whether it supports the bill. Green and Quiñones Sánchez say their bill would encourage more businesses to locate in Philadelphia. Their legislation would phase out the net-income portion of the business-privilege tax over five years from its current level of 6.45 percent.
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