October 9, 2009 |
Philadelphia Newspapers L.L.C. can use a private investigator to look into security breaches, including the leak of an internal planning document to the committee representing the firm's unsecured creditors, a federal bankruptcy judge ruled yesterday. Chief Bankruptcy Judge Stephen Raslavich agreed that the company could spend up to $25,000 to use SafirRosetti, a security firm, to investigate the leak and review the overall integrity of the company's protection of internal documents.
October 27, 1994 |
John Wanamaker's parent company can wait for Christmas sales results before filing a reorganization plan to get the department-store chain out of Chapter 11, a U.S. Bankruptcy Court judge ruled yesterday. Woodward & Lothrop Inc., which owns 15 Washington-area department stores and the 15-store John Wanamaker, voluntarily filed Chapter 11 on Jan. 17. Judge Stuart Bernstein yesterday gave Woodward & Lothrop until Jan. 9, 1995, to file its plan. He gave the chain until Feb. 8 to solicit acceptances of the plan.
March 13, 1987 |
Phoenix Steel Corp. announced yesterday that it had reached a new agreement with its unsecured creditors aimed at averting a second bankruptcy filing. Under the plan, Phoenix's 500 unsecured creditors agreed to forgo about half of the $15 million they are owed. In return, they will receive a share in net operating profits and net proceeds from the planned sale of the company. The plan, which was negotiated by Phoenix and a committee representing the unsecured creditors, must now be approved by at least 80 percent of the company's unsecured creditors.
April 11, 1990 |
Angry creditors yesterday asked a judge to appoint a trustee to run Eastern Airlines in place of managers from parent Texas Air Corp. The move could mean the end of Eastern's efforts to revive itself after a bankruptcy filing and a 13-month-old strike by the International Association of Machinists. For the first time since Eastern filed for protection from creditors March 9, 1989, Texas Air chairman Frank Lorenzo's control of the carrier seemed uncertain. Eastern's unsecured creditors, who until recently had supported the company, told U.S. Bankruptcy Judge Burton R. Lifland in New York that the carrier was guilty of "gross incompetence . . . gross mismanagement" or fraud in trying to reorganize.
December 13, 2010 |
Advanta Corp. creditors, stockholders, and others offered a list of objections last week to the bankrupt Montgomery County credit card firm's liquidation plan ahead of a hearing scheduled for Thursday in Wilmington. The committee representing Advanta's unsecured creditors said in a court filing that court approval of Advanta's proposed plan would be "futile and impose significant and unnecessary expense and delay" on the liquidation process because "it is highly likely that the vast majority of creditors" will vote against it. That would force a second round of voting, costing the bankruptcy estate money that could otherwise be used to pay off Advanta creditors.
January 30, 1989 |
If employees and other unsecured creditors go along with Plan A, they may get 58 cents on every dollar bankrupt St. Mary Hospital owes them. If they opt for Plan B, they may get only 33 cents on the dollar - and set the stage for a long legal battle. And, as in all bankruptcy cases, the unsecured creditors get a shot at what's left only after trustees, lawyers, accountants and so-called secured creditors - people with liens - get 100 percent of what they are owed. If estimates in court papers hold, the trustee, lawyers, accountants and others involved in the bankruptcy will get about $1.54 million.
August 15, 1997 |
David Feld, chairman and chief executive of the Today's Man menswear chain, has won court approval of his plan to pay off creditors and emerge from personal bankruptcy. Under the plan, Feld will retain his majority stake in Today's Man, in large part because of new backing he received from Philadelphia's Jefferson Bank. The company, which operates 25 retail stores in Philadelphia, New York and Washington, is still operating under Bankruptcy Court protection. Feld made all his payments to nine secured creditors who were owed more than $32 million, said his attorney, Jeffrey Kurtzman.
October 4, 2012 |
Prime Healthcare Services Inc., a California for-profit hospital operator, said it completed its purchase of Lower Bucks Hospital in Bristol - which had been running out of cash to operate - in a deal that calls for Prime to invest $10 million in Lower Bucks within five years, hire all 950 employees, and honor union contracts. Prime will assume the liabilities the 156-bed Lower Bucks had when it exited bankruptcy in January. Those debts include a $1.2 million note to unsecured creditors, a $2 million mortgage on a surgery center, and $500,000 owed on a $1 million note to Pension Benefit Guaranty Corp.
April 21, 1987 |
Phoenix Steel Corp. yesterday broke off negotiations with its 500 unsecured creditors and filed for protection under Chapter 11 of the Bankruptcy Act. It was the second such filing for the company within the last four years. Several of the creditors, with whom the company has been negotiating to avert a bankruptcy filing, said they were surprised by Phoenix's announcement because they believed an agreement was at hand. "We thought we were close to a deal," said I. Michael Coslov, president of Tube City Iron & Metal Co., one of Phoenix's largest creditors.