December 15, 2014 |
After spending a year and a half and more than $21 million on its failed bid to buy Philadelphia Gas Works, UIL Holdings Corp. chief executive James P. Torgerson has some words of advice for anybody considering doing business in Philadelphia: "Make sure you have everything lined up before you commit. " Torgerson, in the first interview he has given since his Connecticut utility company on Dec. 4 terminated its $1.86 billion offer to buy the city's gas utility, on Friday repeatedly used the word disappointed to describe his feeling about the city's sales process.
December 12, 2014 |
Another inflection point in the agonizing process of trying to find a new owner for Atlantic City's $2.4 billion Revel Casino Hotel could come Friday. U.S. Bankruptcy Judge Gloria M. Burns on Wednesday scheduled a hearing for that morning to consider Revel AC Inc.'s motion to terminate its agreement to sell its property to a subsidiary of Brookfield Asset Management Inc. for $110 million. Revel also asked the judge to schedule a hearing to approve the sale of Revel to the backup bidder, Glenn Straub, for $94.4 million.
August 20, 2014 |
As painful as the Sept. 2 closure of the Revel casino in Atlantic City will be for the more than 4,000 employees who work there, it could help spur a sale of the $2.4 billion property, a Revel attorney said in bankruptcy court Monday. None of the bidders who submitted bids by the Aug. 4 deadline were willing to operate Revel as it exists and bankroll losses of between $1 million and $2 million a week. "It may be that some of the dust has to settle from our shutdown," John K. Cunningham, a White & Case L.L.P.
December 17, 2013 |
The bankrupt Atlantic Club Casino Hotel in Atlantic City is on a fast track to be sold this week. Bids are due Monday by 4 p.m., an auction for bidders is scheduled for 11 a.m. Tuesday, and a hearing to approve the sale is on the slate for Thursday. It's not clear how many bidders, if any, will emerge for the Atlantic Club, which has been owned by a California private equity firm since 2005 and has been for sale since at least 2011. Since the Nov. 6 bankruptcy filing, the company's investment bankers have failed to line up a so-called stalking-horse bidder, which would have set a minimum price in the auction.
December 12, 2012 |
The Philadelphia Gas Commission and the Nutter Administration appear to be on a collision course over the mayor's desire to pay $2.7 million to advisors for a possible sale of Philadelphia Gas Works. The gas commission, which controls the city-owned utility's purse strings, on Tuesday struggled with Nutter's request to force PGW to pay the fees rather than tapping into the City Treasury. The city's public advocate and the gasworkers' union told the commission on Tuesday that it would be improper for the utility to pay the fees because it's uncertain whether PGW customers would derive any benefit if the utility were privatized.
December 10, 2012 |
Mayor Nutter's venture to privatize the Philadelphia Gas Works, the nation's largest municipal gas utility, is encountering stiff resistance. The Philadelphia Gas Commission, the regulatory body that reviews PGW's budget, has delayed approving $2.7 million in expenses to pay the team of financial, legal, and communications consultants Nutter hired to guide the city through the sales process. Without a budget authorizing the expenses, the city can't sign contracts with the consultants and move forward with soliciting bids for the utility, which is expected to fetch more than $1 billion.
October 11, 2012 |
A bankruptcy trustee is urging an unusually speedy sale of a Bucks County manufacturer of windows for rail cars and armored vehicles that shut down suddenly on Sept. 26, putting 95 out of work. Ironwood Partners L.L.C., the New York private-equity owner of North American Specialty Glass L.L.C., put the Trumbauersville firm into bankruptcy a day later. It had struggled for several years to pay its debt to Sovereign Bank, according to court documents. Now there is a fight in bankruptcy court over who will take over the North American Specialty Glass operations, which had $16.44 million in revenue last year and listed $3.53 million in assets and $14.65 million in liabilities in its Chapter 7 filing.
August 18, 2012 |
How many professional advisers does the city need to sell Philadelphia Gas Works? A lot. Mayor Nutter has selected two investment-banking firms, five law firms, two lobbying groups, and two public-relations companies to guide the city through the potential sale of PGW, the nation's largest municipal gas utility. The array of professionals includes some familiar names to city government work: Lazard Freres & Co. L.L.C., the Ballard Spahr law firm, Ceisler Media, and Cardenas Grant Communications.
August 17, 2012 |
How many professional advisers does the city need to sell Philadelphia Gas Works? A lot. Mayor Nutter has selected two investment-banking firms, five law firms, two lobbying groups, and two public-relations companies to guide the city through the potential sale of PGW, the nation's largest municipal gas utility. The array of professionals includes some familiar names to city government work: Lazard Freres & Co. L.L.C.; the Ballard Spahr law firm; Ceisler Media, and Cardenas Grant Communications.
April 19, 2012 |
IN THE REGION Pols: Keep it as a refinery U.S. Sen. Bob Casey Jr. (D., Pa.) and the Delaware County Council urged ConocoPhillips to sell its refinery in Trainer to a buyer that would keep the refinery operating as a manufacturing facility rather than turn it into a fuel storage terminal. Prompted by rumors that potential buyers of the ConocoPhillips refinery in Trainer plan to shut down the plant, the elected leaders wrote to ConocoPhillips chief executive James Mulva to urge him to sell the plant to buyer that would operate it as a refinery, which would employ more people and require more investment than a fuel-storage facility.