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.
December 2, 2010 |
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...
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.
January 26, 2011 |
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.
March 13, 2001 |
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.
May 22, 1991 |
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.
June 3, 2012 |
"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.
April 22, 2011 |
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.
April 29, 2001 |
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.