Cable firm Broadstripe files for bankruptcy
Broadstripe LLC, a cable operator serving customers in northern Anne Arundel County, filed for Chapter 11 bankruptcy protection yesterday to restructure debt. The St. Louis-based company, which also provides Internet and phone service, said it expects no disruption to service while it reorganizes. Besides serving customers in areas including Glen Burnie, Severna Park, Linthicum, Crofton and Pasadena, Broadstripe operates in Michigan, Washington and Oregon. As of late 2007, about 100,000 homes in northern Anne Arundel had the option of choosing cable, Internet or phone service through Broadstripe, formerly known as Millennium Digital Media. But it was unclear how many customers Broadstripe has in Maryland, and officials did not return repeated phone calls for comment yesterday. Some of Broadstripe's lenders have agreed to provide up to $15 million in debtor-in-possession financing for operating expenses during the court process, the company said. The company filed its petition in U.S. Bankruptcy Court in Delaware. The company said it hopes to complete the restructuring this year.
Sandy Spring's Schrider to succeed Hollar as CEO
Olney-based Sandy Spring Bancorp Inc., parent of Sandy Spring Bank, said yesterday that Daniel J. Schrider has been appointed bank president and chief executive in a planned succession to replace Hunter R. Hollar, who retired Dec. 31. Hollar, who was with the company 18 years - the last 15 as president and chief executive - will stay on as nonexecutive chairman of the board of directors, and Schrider was elected to the board. Schrider, 44, joined Sandy Spring Bank 20 years ago as a commercial lender and became executive vice president of commercial and credit services in 2003. The bank has $3.2 billion in assets and 42 offices across Maryland and Northern Virginia, where it began an expansion in 2007. Thanks to mergers by other local banks, Sandy Spring says, it is now the state's oldest and largest Maryland-based banking institution. It was founded in 1868 by farmers, most of whom were Quakers.