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Restructuring

BUSINESS
February 18, 2009 | By Suzette Parmley INQUIRER STAFF WRITER
Trump Entertainment Resorts Inc., hamstrung by a difficult economic climate and growing regional competition, filed for bankruptcy protection yesterday. The filing, made in U.S. Bankruptcy Court in Camden, had been expected for several weeks by gaming analysts due to the company's debt burden and strained cash flow. It marks the third time that the casino company has filed for Chapter 11 bankruptcy protection. Before the company went public in June 1995, the Trump Taj Mahal filed for Chapter 11 in July 1991, as did the former Trump Castle and Trump Plaza casinos in 1992.
NEWS
January 26, 2009
IN HIS Jan. 13 op-ed, "Electric Rate Shock," Tom Knox claims that the restructuring of Pennsylvania's electricity industry failed. If Mr. Knox wants to be considered seriously as a candidate for governor, he needs to get his facts straight. Fact: The state's electric customers have saved billions since restructuring began compared to what they would've otherwise paid. Fact: When adjusted for inflation, the rates Pennsylvanians pay are 12 percent less than they paid in 1996 despite the fact that the cost to produce electricity has increased substantially.
NEWS
July 26, 2008 | By Martha Woodall INQUIRER STAFF WRITER
To reduce the bureaucratic maze facing parents in the Philadelphia School District, Superintendent Arlene Ackerman is adding the post of parent ombudsman to each of the district's regional offices - a first for the district. "I am trying to make the regional and central offices more accessible," Ackerman said. "For me, it is expanding services to parents. " The parent ombudsman, she said, will "address the needs of parents as they arrive" at a regional office to ensure that the district and the parent can work together to meet the child's needs.
SPORTS
July 8, 2008 | By Frank Fitzpatrick INQUIRER STAFF WRITER
The American track and field community departed here yesterday with a runner's high. "Eugene," said U.S. men's coach Bubba Thornton, "has raised the bar. " For all eight days of the U.S. Olympic track and field trials, the crowds overflowed historic Hayward Field. They were noisy, knowledgeable, enthusiastic. The community embraced the event and the athletes. The conditions were superb, many of the performances notable. Bill Roe, the president and acting CEO of the U.S. Track and Field Association, even predicted that his organization would soon complete its restructuring and be back in the good graces of the U.S. Olympic Committee.
BUSINESS
July 4, 2008 | By Bob Fernandez INQUIRER STAFF WRITER
Comcast Corp. has eliminated one of its five operating divisions in a restructuring of its cable business. About 120 jobs will be lost in Michigan. Michael Doyle, the Eastern Division president whose wife, Lynn Doyle, hosts the popular CN8 show It's Your Call, is leaving the company as a result of the restructuring, a Comcast spokeswoman said. The head of the Midwest Division, Bill Connors, will take the top job in Comcast's Eastern Division. The Eastern Division, with headquarters in Oaks, Montgomery County, comprises Pennsylvania, New Jersey, Delaware, Maryland, Virginia, Washington, West Virginia and Ohio.
BUSINESS
July 2, 2008 | By Maria Panaritis INQUIRER STAFF WRITER
Philadelphia maternity-apparel retailer Mothers Work Inc., struggling with declining profit, will lay off corporate staff, eliminate its Mimi Maternity fashion label, and rename a number of stores under a restructuring announced yesterday. The publicly traded company, which runs Motherhood Maternity, Destination Maternity, and Pea in the Pod stores, said the streamlining was intended to untangle a confusing corporate structure and boost its turnaround strategy. Company officials would not disclose how many employees would be laid off, but they said most would come from the corporate office in Philadelphia.
SPORTS
June 3, 2008 | BY THE INQUIRER STAFF
The Major Indoor Soccer League has suspended operations, but the two-time league champion Kixx expect to be playing soccer next season. Yesterday, the MISL's management committee announced that the league, in financial crisis for years, had ceased operations. "The Kixx are continuing operations as normal and fully expect to play next season in a newly structured league," team spokesman Tom Hushen said. "The summer camp program will also go on as planned. " The Kixx won league championships in 2001 and 2007.
NEWS
May 22, 2008 | By Troy Graham INQUIRER STAFF WRITER
Gov. Corzine met with employees at the troubled Ancora Psychiatric Hospital yesterday before announcing a package of reforms being implemented there. Primarily, the changes are geared toward reducing overcrowding and restructuring patient care at the state-run hospital, which has suffered through a number of high-profile patient escapes and deaths in recent years. "It's been a tough period for people who care deeply about the patients being served," Corzine said. "I take this issue of how we deal with our mental health delivery system seriously.
NEWS
April 4, 2008 | By David O'Reilly and Kristen A. Graham INQUIRER STAFF WRITERS
Citing a growing shortage of priests - and a marked decline in religious observance among its Catholic laity - Bishop Joseph A. Galante announced yesterday that he was cutting the number of Camden Diocese parishes nearly in half. In a massive restructuring, 124 parishes will shrink to 66 in the six-county diocese, which comprises most of South Jersey. About 30 will close outright, and many others will become "worship sites" within newly formed parishes. "This is radical," Galante told a news conference at diocesan headquarters in Camden.
BUSINESS
April 19, 2007 | By Harold Brubaker INQUIRER STAFF WRITER
Sovereign Bancorp Inc. said its first-quarter profit plummeted on $128.7 million in charges related to the sale of home-equity loans and previously announced restructuring plans. The Wyomissing, Pa., bank earned $48.1 million, or 9 cents a share, in the quarter, down from $141 million, or 36 cents a share, a year earlier. Joseph P. Campanelli, who replaced longtime chief executive Jay Sidhu in October, said Sovereign was "on track" with its cost-cutting effort and had substantially completed its balance-sheet restructuring.
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