March 17, 2016 |
Please Touch Museum, driven into bankruptcy by $60 million in debt used to pay for its 2008 move from Center City to Memorial Hall in Fairmount Park, won a judge's blessing Wednesday to shed that debt for a payment of $11.25 million. "It is a great burden lifted for the organization," said Patricia Wellenbach, who had been an adviser to Please Touch since November and will become chief executive when it formally exits bankruptcy, likely early next week. Wednesday's hearing was a breeze and left U.S. Bankruptcy Judge Jean K. FitzSimon with a smile on her face.
February 13, 2015 |
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.
February 7, 2015 |
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.
November 14, 2014 |
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lawyers for the defunct Foxwoods project - whose license to build a casino on the South Philadelphia waterfront was revoked four years ago - are scheduled to square off against lawyers for the state over the $50 million license fee Foxwoods paid in 2007.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.
November 2, 2014 |
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]
October 8, 2014 |
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.
August 9, 2014 |
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.
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.
February 12, 2013 |
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.