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Restructuring

SPORTS
June 12, 2009 | By Bob Brookover INQUIRER STAFF WRITER
The Eagles put the finishing touches on a restructured deal with quarterback Donovan McNabb last night after completing their final off-season camp at the NovaCare Complex in the afternoon. While McNabb was being honored as a father of the year by the American Diabetes Association of Greater Philadelphia, Eagles president Joe Banner and agent Fletcher Smith agreed to restructure the final two years of the quarterback's contract. "We are thrilled that this all worked out," Banner said in a statement released by the team.
NEWS
May 15, 2009 | By Christopher K. Hepp INQUIRER STAFF WRITER
Jim LaFlam and Jim Atkins received the same notice yesterday, but each processed it a little differently. LaFlam sounded deflated - "devastated" was his word - after learning his family's Chrysler dealership in Runnemede was among 789 nationwide targeted for elimination by the struggling automaker. Eleven area dealers were on the list, five in South Jersey and six in Pennsylvania. Atkins, at a Roxborough dealership, was defiant. "We aren't closing our doors," said Atkins, general manager of John Flynn Chrysler Jeep, barely looking up from his computer screen as he spoke.
NEWS
April 24, 2009 | By Bonnie L. Cook and Alan J. Heavens INQUIRER STAFF WRITERS
When they responded to Builder magazine's 2009 survey of the Top 100 U.S. home builders, Todd and Tim Hendricks listed "reducing debt and lowering operating expenses" of their company, T.H. Properties L.P., as two top accomplishments of 2008. The third: T.H. Properties had "lived to fight another year. " The year seemed to end abruptly Tuesday, when the Hendricks brothers announced that the company, known as THP, was "temporarily suspending operations. " But yesterday, at THP's storefront headquarters on Harleyville's Main Street, Todd Hendricks continued to exude confidence, telling about 50 buyers, homeowners, and contractors demanding answers that the company was not "going anywhere.
BUSINESS
April 13, 2009 | By Chris Mondics INQUIRER STAFF WRITER
As one of the nation's largest and most profitable law firms, Morgan Lewis & Bockius L.L.P. of Center City seemed for a time to be immune from the layoffs that have been pounding the legal profession. While law firms nationwide began to whack away at both lawyer ranks and administrative staff last year, Morgan Lewis maintained that such cutbacks were not needed. But on March 9, the firm said it could not hold out any longer, and announced that 55 lawyers and 161 staff in offices around the United States had been let go. Firm chairman Francis Milone said the move had as much to do with declining revenue as client expectations.
NEWS
February 24, 2009 | By Harold Brubaker and Chris Mondics INQUIRER STAFF WRITERS
Beginning today in federal court, a bankruptcy judge will commence hearings that in the coming months will determine the future of the parent company of The Inquirer, the Philadelphia Daily News, and Philly.com. Among the complex issues awaiting U.S. Bankruptcy Court Judge Jean K. FitzSimon are how much the company - Philadelphia Newspapers L.L.C. - is worth, how much debt it can support, and who will end up owning the business. While the proceedings, which could easily last more than a year, are under way, the two newspapers will continue to publish, readers will receive their newspapers as usual, and the Web audience for Philly.
NEWS
February 24, 2009 | By Harold Brubaker and Chris Mondics, Inquirer Staff Writers
Beginning today in federal court, a bankruptcy judge will commence hearings that in the coming months will determine the future of the parent company of The Inquirer, the Philadelphia Daily News, and Philly.com. Among the complex issues awaiting U.S. Bankruptcy Court Judge Jean K. FitzSimon are how much the company - Philadelphia Newspapers L.L.C. - is worth, how much debt it can support, and who will end up owning the business. While the proceedings, which could easily last more than a year, are under way, the two newspapers will continue to publish, readers will receive their newspapers as usual, and the Web audience for Philly.
NEWS
February 23, 2009 | By Harold Brubaker INQUIRER STAFF WRITER
Philadelphia Newspapers L.L.C., which owns The Inquirer, the Philadelphia Daily News, and Philly.com, filed for bankruptcy protection yesterday in a bid to restructure its $390 million in debt load. The company, bought by a group of Philadelphia-area investors for $562 million in 2006, said the voluntary Chapter 11 filing would not interrupt its daily operations. "This restructuring is focused solely on our debt, not our operations," chief executive officer Brian P. Tierney, who led the group that provided about $150 million of the purchase price three years ago, said in a news release.
NEWS
February 23, 2009 | By Harold Brubaker, Inquirer Staff Writer
Philadelphia Newspapers LLC, which owns The Inquirer, the Philadelphia Daily News, and Philly.com, filed for bankruptcy protection yesterday in a bid to restructure its $390 million in debt load. The company, bought by a group of Philadelphia-area investors for $562 million in 2006, said the voluntary Chapter 11 filing would not interrupt its daily operations. "This restructuring is focused solely on our debt, not our operations," chief executive officer Brian P. Tierney, who led the group that provided about $150 million of the purchase price three years ago, said in a news release.
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.
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