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NEWS
July 13, 2013
UniTek Global Services Inc., of Blue Bell, which provides services to the telecommunications industry, said it closed on a $75-million credit line with Apollo Investment Corp. UniTek saw its shares tumble after an April disclosure that it would need to restate financial results for 2012 and 2011 and that a board investigation had turned up what it said were "fraudulent activities" at a business unit. CEO Rocky Romanella said the new financing "provides us with additional liquidity" and the company is "advancing other key initiatives related to the completion of the audit and refinancing of our term loan.
BUSINESS
December 2, 2010 | By Alan J. Heavens, Inquirer Real Estate Writer
A bankruptcy judge has confirmed Orleans Homebuilders Inc.'s reorganization plan, paving the way for the Bensalem company to emerge from Chapter 11 by year's end. Orleans' chief restructuring officer, Mitchell B. Arden, said Wednesday's decision by U.S. Bankruptcy Court Judge Peter J. Walsh in Wilmington would allow the 92-year-old builder to come out of Chapter 11 with less than half the debt it owed when it filed March 1. The company filed for...
BUSINESS
October 5, 2012
IN THE REGION Judge upholds Hostess pay-cut plan A federal bankruptcy judge in New York approved Twinkie maker Hostess Brands Inc.'s plan to impose an 8 percent pay cut on 376 members of the Bakery, Confectionery, Tobacco Workers & Grain Millers International Union who work at Hostess' Northeast Philadelphia plant, as well as thousands of other workers around the country. The pay cut also applies to about 125 nonunion Hostess employees in Philadelphia, plus more elsewhere, spokesman Erik Halvorson said.
BUSINESS
January 26, 2011 | By Suzette Parmley, Inquirer Staff Writer
ATLANTIC CITY - The group behind the stalled $2 billion Revel Casino made another run at Wall Street banks Tuesday to secure financing to complete the project. Kevin DeSanctis, chief executive officer of Revel Entertainment Group L.L.C., traveled to New York to sell the partially built casino at the north end of the Boardwalk, next to Showboat. The call with banks took place about 12:30 p.m., according to industry sources. "The meeting went very well," DeSanctis said late Tuesday.
BUSINESS
March 13, 2001 | By Harold Brubaker INQUIRER STAFF WRITER
Crown Cork & Seal Co. Inc. said yesterday that it received some sorely needed financial breathing room that may allow it to begin turning around its struggling operations. Crown Cork's banks extended its $2.5 billion line of credit from February 2002 until December 2003. Crown Cork also received a term loan for $400 million. These loans, which were made at higher interest rates than previous ones, will boost the company's interest expense this year by 34 percent, to $500 million from $373 million last year, the company estimated.
BUSINESS
May 22, 1991 | By Susan Q. Stranahan, Inquirer Staff Writer
Hess's Department Stores Inc. announced yesterday that it had reached agreements with its lenders to obtain $70 million in working capital. The announcement came on the heels of a report in the Wall Street Journal that a factoring company and credit-reporting agencies were recommending that clients not ship merchandise to the 73-store chain, which is based in Allentown. Factors buy the debt owed to suppliers for goods sold to retail stores. That provides suppliers with immediate cash.
BUSINESS
June 3, 2012 | Inquirer Staff Report
"Problems in the job market were long in the making and will not be solved overnight. " — Alan Krueger, chairman of President Obama's Council of Economic Advisers, in a post on the White House website after disappointing May job numbers Friday. "Take the slope of the economy and that's really a good indicator of what voters will do, how they evaluate presidents. " — Christopher Wlezien, a political science professor at Temple University, also on the job numbers.
NEWS
April 22, 2011 | By Harold Brubaker, Inquirer Staff Writer
When a homeowner refinances a mortgage at a lower interest rate, it's good for the borrower and for the economy. Lower monthly payments leave more money to spend or save. The same holds true for businesses, and recent weeks have brought a run of loan refinancing by U.S. corporations at lower interest rates and easier terms, a sign that credit markets are improving. Triumph Group Inc., for example, a major manufacturer and refurbisher of aerospace components in Wayne, this month boosted its credit line to $850 million from $535 million, immediately using $350 million to repay a higher-interest term loan.
BUSINESS
April 29, 2001 | By Joseph N. DiStefano INQUIRER STAFF WRITER
Anthony Petraitis and his partners own a small factory, so they need a bank. Their company, auto-trim maker PHC Industries of Camden, used to rely on Meridian Bank to fund equipment, manage cash payments, and help meet the 110-worker payroll between contracts. Meridian specialized in companies such as PHC. "We were extremely happy," Petraitis recalled. But in 1995, Meridian vanished amid a series of mergers that overtook Philadelphia's largest commercial banks. Ron Donato, PHC's loan officer at Meridian, was among many who left.
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NEWS
July 13, 2013
UniTek Global Services Inc., of Blue Bell, which provides services to the telecommunications industry, said it closed on a $75-million credit line with Apollo Investment Corp. UniTek saw its shares tumble after an April disclosure that it would need to restate financial results for 2012 and 2011 and that a board investigation had turned up what it said were "fraudulent activities" at a business unit. CEO Rocky Romanella said the new financing "provides us with additional liquidity" and the company is "advancing other key initiatives related to the completion of the audit and refinancing of our term loan.
BUSINESS
February 14, 2013
In the Region Revel seeking options to pay debt   Revel in Atlantic City hired a restructuring lawyer, investment banker and consultant to review options on how to deal with its $1.2 billion debt load, according to gaming analysts. The financially ailing casino ranked 11th among the city's dozen gambling halls last month with total casino revenue of less than $8 million from slots and table games. The $2.4 billion Revel has amended its credit line three times since opening in April.
NEWS
July 3, 2012 | By Martha Woodall, INQUIRER STAFF WRITER
The Philadelphia School Reform Commission Monday approved $500 million in short-term borrowing to deal with seasonal cash-flow issues but said the move would not help the district bridge a spending gap of more than $218 million. Instead, the SRC authorized the issuance and sale of the short-term notes in anticipation of receiving state and local tax revenues. Christine C. Ward, executive director of the Office of Special Finance, said the district has used such short-term financing in 25 of the last 27 years to provide cash while awaiting scheduled payments the district will not begin receiving until late August.
BUSINESS
June 3, 2012 | Inquirer Staff Report
"Problems in the job market were long in the making and will not be solved overnight. " — Alan Krueger, chairman of President Obama's Council of Economic Advisers, in a post on the White House website after disappointing May job numbers Friday. "Take the slope of the economy and that's really a good indicator of what voters will do, how they evaluate presidents. " — Christopher Wlezien, a political science professor at Temple University, also on the job numbers.
NEWS
April 22, 2011 | By Harold Brubaker, Inquirer Staff Writer
When a homeowner refinances a mortgage at a lower interest rate, it's good for the borrower and for the economy. Lower monthly payments leave more money to spend or save. The same holds true for businesses, and recent weeks have brought a run of loan refinancing by U.S. corporations at lower interest rates and easier terms, a sign that credit markets are improving. Triumph Group Inc., for example, a major manufacturer and refurbisher of aerospace components in Wayne, this month boosted its credit line to $850 million from $535 million, immediately using $350 million to repay a higher-interest term loan.
BUSINESS
January 26, 2011 | By Suzette Parmley, Inquirer Staff Writer
ATLANTIC CITY - The group behind the stalled $2 billion Revel Casino made another run at Wall Street banks Tuesday to secure financing to complete the project. Kevin DeSanctis, chief executive officer of Revel Entertainment Group L.L.C., traveled to New York to sell the partially built casino at the north end of the Boardwalk, next to Showboat. The call with banks took place about 12:30 p.m., according to industry sources. "The meeting went very well," DeSanctis said late Tuesday.
BUSINESS
December 2, 2010 | By Alan J. Heavens, Inquirer Real Estate Writer
A bankruptcy judge has confirmed Orleans Homebuilders Inc.'s reorganization plan, paving the way for the Bensalem company to emerge from Chapter 11 by year's end. Orleans' chief restructuring officer, Mitchell B. Arden, said Wednesday's decision by U.S. Bankruptcy Court Judge Peter J. Walsh in Wilmington would allow the 92-year-old builder to come out of Chapter 11 with less than half the debt it owed when it filed March 1. The company filed for...
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