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Unsecured Creditors

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BUSINESS
October 9, 2009 | By Christopher K. Hepp INQUIRER STAFF WRITER
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.
BUSINESS
October 8, 2014 | By Harold Brubaker, Inquirer Staff Writer
A federal bankruptcy judge in Camden is likely on Tuesday to approve the sale of Revel Casino Hotel to a unit of Brookfield Asset Management Inc. for $110 million, but a fight over the proceeds will only grow more heated. Lawyers for unsecured creditors filed a limited objection to the sale on Monday, asking that money from the sale be held in escrow until they have a chance to make the case in court that unsecured creditors should get their share. A proposal now before U.S. Bankruptcy Judge Gloria M. Burns would direct almost all of the money from the sale to Wells Fargo Principal Lending L.L.C., which lent some money to Revel to help it get through bankruptcy, and other secured lenders.
BUSINESS
October 27, 1994 | By Jane M. Von Bergen, INQUIRER STAFF WRITER
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.
BUSINESS
March 13, 1987 | By Idris Michael Diaz, Inquirer Staff Writer
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.
BUSINESS
April 11, 1990 | From Inquirer Wire Services
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.
BUSINESS
December 13, 2010 | By Harold Brubaker, Inquirer Staff Writer
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.
NEWS
January 30, 1989 | By Toni Locy, Daily News Staff Writer
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.
BUSINESS
August 15, 1997 | By Susan Warner, INQUIRER STAFF WRITER
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.
BUSINESS
April 21, 1987 | By Idris Michael Diaz, Inquirer Staff Writer
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.
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BUSINESS
February 13, 2015 | By Harold Brubaker, Inquirer Staff Writer
U.S. Bankruptcy Judge Gloria M. Burns will not formally consider Revel AC Inc.'s bid to terminate Florida investor Glenn Straub's agreement to buy the Atlantic City casino until Tuesday. But at a hearing Wednesday in Camden, in a rare display of unity, attorneys for the bankrupt Revel, its lender, unsecured creditors, and other interested parties all argued that the plug should be pulled on the $95.4 million deal with Straub's Polo North Country Club Inc. "We have zero confidence in Polo North's ability to close," John K. Cunningham, Revel's lead bankruptcy attorney, told Burns.
BUSINESS
February 7, 2015 | By Harold Brubaker, Inquirer Staff Writer
A potentially tense bankruptcy hearing in Camden was defused Thursday before it started when ACR Energy Partners L.L.C. agreed to continue supplying electricity to the bankrupt Revel Casino Hotel until at least Wednesday. Until then, lawyers for Revel, ACR, and the bondholders who lent $118.6 million to build the utility plant that supplies hot and cold water and electricity to Revel are expected to continue negotiating over how much ACR should be paid for its services since Revel went bankrupt for the second time, in June.
BUSINESS
November 14, 2014 | By Harold Brubaker, Inquirer Staff Writer
Lest anyone forget why the Pennsylvania Gaming Control Board still has a license to issue for a second Philadelphia casino, a bankruptcy court hearing set for Friday morning offers a reminder. At the hearing in Philadelphia, lawyers for the defunct Foxwoods project - whose license to build a casino on the South Philadelphia waterfront was revoked four years ago - are scheduled to square off against lawyers for the state over the $50 million license fee Foxwoods paid in 2007. The key hearing comes just days before Tuesday's Gaming Control Board session at the Convention Center, where the board is expected to reissue the license.
BUSINESS
November 2, 2014 | By Harold Brubaker, Inquirer Staff Writer
Ahead of a key hearing next week in the Trump Entertainment Resorts Inc. bankruptcy, unsecured creditors blasted the company's disclosure statement for its Chapter 11 reorganization plan as a "charade" that should not be approved by the judge. The company owns the Trump Taj Mahal and the closed Trump Plaza casino hotels in Atlantic City. The creditors said the plan is designed for the "sole purpose of preserving hundreds of million of dollars in tax attributes for the exclusive benefit of [Carl]
BUSINESS
October 8, 2014 | By Harold Brubaker, Inquirer Staff Writer
A federal bankruptcy judge in Camden is likely on Tuesday to approve the sale of Revel Casino Hotel to a unit of Brookfield Asset Management Inc. for $110 million, but a fight over the proceeds will only grow more heated. Lawyers for unsecured creditors filed a limited objection to the sale on Monday, asking that money from the sale be held in escrow until they have a chance to make the case in court that unsecured creditors should get their share. A proposal now before U.S. Bankruptcy Judge Gloria M. Burns would direct almost all of the money from the sale to Wells Fargo Principal Lending L.L.C., which lent some money to Revel to help it get through bankruptcy, and other secured lenders.
BUSINESS
August 9, 2014 | By Harold Brubaker, Inquirer Staff Writer
With the process of selling the $2.4 billion Revel Casino Hotel after its second bankruptcy cloaked in secrecy, it is difficult to determine what the postponement of its bankruptcy auction until next week really means. But lawyers and other bankruptcy experts - none involved in the Revel case - outlined, in general terms, the factors that may be at play. Such a delay is not unheard of, they said in interviews on Thursday, but it does not mean Revel's investment bankers received so many bids that they could not get through them in time to start the auction on schedule Thursday.
BUSINESS
February 22, 2013
In the Region   ICG profit down; shares rise   ICG Group Inc. , a Radnor firm that buys and builds Internet software companies, said earnings for the quarter ended Dec. 31 declined to $14.7 million, or 40 cents a share, from $17.9 million, or 49 cents a share, a year earlier. Revenue was $43.6 million, compared with $34.4 million in the year-ago period. The company said full-year revenue exceeded guidance, rising 24.8 percent, compared to 2011, to $166.6 million.
NEWS
February 12, 2013 | By Linda Loyd, Inquirer Staff Writer
A merger between US Airways Group Inc. and bankrupt American Airlines could be announced this week, creating the world's largest airline by passenger traffic. American parent AMR Corp.'s unsecured creditors planned to meet Monday, and the boards of AMR and US Airways - already the dominant airline in Philadelphia - could also vote on merger terms by midweek, according to reports by Reuters, the Wall Street Journal, and other media outlets, citing unnamed sources. US Airways chief executive officer Doug Parker is expected to head the new company, and American's CEO, Tom Horton, would become nonexecutive board chairman, at least for a time.
NEWS
October 4, 2012 | By Harold Brubaker, INQUIRER STAFF WRITER
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.
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