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By Liz F. Kay | July 19, 2011
Liquidation of some of the 399 Borders stores could begin as soon as Friday , the company has announced, pending court approval at a hearing tomorrow. The book and music chain operates large stores in Timonium, Columbia and Annapolis, as well as smaller mall stores in White Marsh, Columbia, Westminster and BWI Marshall Airport. Nationwide, there are 10,700 employees who will be dealing with this closure, not to mention the book lovers who liked to browse the shelves.
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NEWS
By Michael Dresser | September 15, 2014
The Maryland Democratic Party turned Republican Larry Hogan's charge that the state is on the verge of bankruptcy against him Monday, pointing to the GOP gubernatorial nominee's 1994 bankruptcy filing over more than $1.5 million in debt. In a campaign news release, the Democrats also charged that has "a long history of mismanaging money," pointing to outstanding debt left over from his primary campaign. The report also criticizes the Maryland Republican Party for its track record of debt.
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FEATURES
By Carol Marie Cropper and Carol Marie Cropper,New York Times News Service | January 3, 1995
Carol Clark lost her job as president of the bank in Braselton, Ga., after it was auctioned in actress Kim Basinger's bankruptcy.Tom Brown, 76, was laid off five years ago when Ms. Basinger, in a burst of publicity, "bought" tiny Braselton, including the hardware store where he worked. Now he fears that he will lose his rented home as she and her investment partner prepare to sell off parts of the town, about 50 miles northeast of Atlanta, which they purchased with big development plans in mind.
NEWS
By Robert B. Reich | September 12, 2014
Detroit is the largest city ever to seek bankruptcy protection, so its bankruptcy is seen as a potential model for other American cities now teetering on the edge. But Detroit is really a model for how wealthier and whiter Americans escape the costs of public goods they'd otherwise share with poorer and darker Americans. Judge Steven W. Rhodes of the U.S. Bankruptcy Court for the Eastern District of Michigan is now weighing Detroit's plan to shed $7 billion of its debts and restore some $1.5 billion of city services by requiring various groups of creditors to make sacrifices.
BUSINESS
December 17, 2009
CHICAGO - Mall operator General Growth Properties Inc. said a bankruptcy court has approved its plan to restructure $10.25 billion in debt related to 103 properties as part of its effort to emerge from Chapter 11 bankruptcy protection. General Growth, which owns many of the Baltimore region's malls and is based in Chicago, filed the largest U.S. real estate bankruptcy case in history in April. Under the reorganization plan, the approval of which was announced Tuesday, 194 debtors owning 85 regional shopping centers, 15 office properties and three community centers will emerge from bankruptcy "as soon as practible."
BUSINESS
By Steve Kilar and The Baltimore Sun | March 4, 2013
The bankruptcy of the development company behind the Westport Waterfront project can move forward as a Chapter 11 reorganization. Inner Harbor West LLC, one of the companies that developer Patrick Turner formed as part of his planned revitalization of roughly 43 acres in southwest Baltimore, sought Chapter 11 status shortly after an involuntary Chapter 7 petition was filed against the company by two creditors. U.S. Bankruptcy Judge Robert A. Gordon's order allowing the conversion from Chapter 7 to Chapter 11 was entered Monday.
BUSINESS
By Hanah Cho | December 5, 2009
The developer of the Yorkway housing development in Dundalk filed for personal bankruptcy this week, but Baltimore County doesn't expect the move to affect the much-anticipated community, which broke ground in September. John F. Vontran and his wife, Kelly A. Vontran, of Perry Hall, filed for Chapter 11 bankruptcy protection on Tuesday and list nearly $10 million in liabilities, which include personal and business-related loans. Creditors include the Patapsco Bank for a $3.3 million obligation related to a business operation and bakery magnate and Inner Harbor East developer John Paterakis for $1 million, also a business-related loan listed as disputed, according to documents filed with the federal bankruptcy court in Maryland.
NEWS
By Michael Dresser | September 15, 2014
The Maryland Democratic Party turned Republican Larry Hogan's charge that the state is on the verge of bankruptcy against him Monday, pointing to the GOP gubernatorial nominee's 1994 bankruptcy filing over more than $1.5 million in debt. In a campaign news release, the Democrats also charged that has "a long history of mismanaging money," pointing to outstanding debt left over from his primary campaign. The report also criticizes the Maryland Republican Party for its track record of debt.
BUSINESS
April 16, 2010
Erickson Retirement Communities, the national chain of campus-style senior living facilities, emerged from bankruptcy Friday less than six months after filing the Chapter 11 case, attorneys said. Catonsville-based Erickson is being sold to Redwood Capital Investments LLC, a Baltimore-based investment firm, for $365 million. The sale — expected to close by the end of the month — and a post-bankruptcy reorganization plan have been approved by a federal bankruptcy court in Texas, attorneys for Erickson and affiliated debtors announced.
NEWS
By Lena H. Sun and The Washington Post | March 21, 2010
The liberal political organizing group ACORN is on the verge of bankruptcy after a string of disclosures about mismanagement that caused funding to dry up, according to a person familiar with the organization. Leaders of the group and their advisers have been discussing options for weeks as donors, including foundations and government entities, have cut back on funding, according to another source, who took part in talks about ACORN's future. Pablo Eisenberg, a senior fellow at the Georgetown Public Policy Institute, said ACORN leaders have told him of plans to file for bankruptcy and form a new entity to serve as a public policy link to local and state chapters "without the name of ACORN."
BUSINESS
By Arthur Hirsch, The Baltimore Sun | September 8, 2014
Developer Patrick Turner again put off possible foreclosure on the South Baltimore waterfront he wants to redevelop as the parties agreed Monday in backruptcy court to an Oct. 24 hearing on all matters in the case. The delay gives Turner's Inner Harbor West LLC another month or so to attempt to come to terms with creditor Westport Property Investments LLC, which had asked the court to lift the automatic stay triggered by the bankruptcy that blocks foreclosure. If Turner and his creditors don't reach agreement before then, Judge Robert A. Gordon could be asked to decide the fate of Turner's aspiration to turn 43 acres on the Patapsco River into a project including homes, stores, hotels, a high-rise building and a park.
NEWS
By Cal Thomas | July 12, 2014
Frank Sinatra's song about Chicago, "My Kind of Town," "a the town that won't let you down," seems dated in light of last weekend's shooting spree that left 16 dead and dozens wounded in 53 separate incidents. According to the Chicago Tribune, "The victims were among 82 people shot between Thursday afternoon and early Monday. "   Chicago wasn't alone in the Independence Day violence. New York City and Detroit combined for 10 dead in 46 shootings, but let's stick with Chicago where violence in mainly poor African-American and Hispanic neighborhoods has become a way of death.
NEWS
By Alison Knezevich, The Baltimore Sun | June 19, 2014
A Baltimore County Council candidate is crying foul over a campaign mailing by his opponent that highlights arrest records. In a mailing delivered to voters this week, Councilwoman Cathy Bevins claims challenger Jeff Beard has a record of "committing crimes. " The two face each other in the June 24 Democratic primary, vying to represent the district that includes Middle River and Essex. The mailer from Bevins' campaign says Beard was arrested and pleaded guilty to DUI; was arrested on three counts of battery; and was charged with resisting arrest.
NEWS
By Yvonne Wenger, The Baltimore Sun | May 21, 2014
The launch of Baltimore's bike-sharing program will be delayed until next summer after the hardware and equipment vendor selected by the city filed for bankruptcy, officials said Wednesday. The city is expected to seek new vendors through a bid process as early as June, said Kathy Dominick, a spokeswoman for the Department of Transportation. The city is rewriting its request for proposal, or RFP. The city's program, to be called Charm City Bikeshare, was expected to open this spring with more than 250 bicycles available for short-term rentals at 25 stations.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | April 28, 2014
When a Belgian firm tried to sell a Baltimore manufacturer to a company that planned to take jobs elsewhere, the local employees saved their livelihoods by buying their employer. Ten years later, another foreign company has stepped up to buy the company and save the jobs once more. Hedwin Corp., a plastic container maker, struggled in recent year with rising costs, the recession and a major fire that hamstrung the plant in Medfield last year. The company filed for Chapter 11 bankruptcy protection from creditors earlier this month to facilitate a sale and is set to be auctioned off May 9. Fujimori Kogyo Co., a Japanese company long involved with Hedwin, agreed to offer $16.5 million for the Baltimore company and wants to retain all 300 employees, according to documents filed with the U.S. Bankruptcy Court in Baltimore.
BUSINESS
April 11, 2014
Women's clothing retailer Coldwater Creek Inc. on Friday filed for Chapter 11 bankruptcy after failing to find a buyer said it plans to close its stores by early summer. Coldwater Creek joins other retailers to seek protection from creditors in recent months as consumers keep a lid on spending. The company said it plans to wind down its operations over the coming months and begin going-out-of-business sales in early May, before the traditionally busy Mother's Day weekend. Coldwater Creek, which has 365 stores and employs about 6,000 people, has five stores in Maryland.
BUSINESS
By Natalie Sherman, The Baltimore Sun | February 3, 2014
After nearly 13 years in bankruptcy, chemical maker W.R. Grace & Co. formally emerged from court protection Monday, bringing an end to one of the longest Chapter 11 cases in U.S. history. The Columbia-based company's joint plan of reorganization went into effect Monday, establishing two trusts that will award more than $4 billion to personal injury claimants and property owners. "It has been expected perhaps for longer than we would want, but nonetheless we're very pleased to move on," said Rich Badmington, Grace's vice president of global communications.
NEWS
July 22, 2013
Now that the city of Detroit declared that it was bankrupt ("Why Baltimore is not Detroit," July 21), let's take a look what are the main causes of this mess. Detroit had been governed for at least the past 20 years exclusively by Democrats. Not a single Republican has held an elected position there for the last two decades. The Democratic city leaders over-spent their operating budget repeatedly, excessively and certainly not carefully, which resulted in eventual collapse of all services and promises to the residents of this once prosperous city.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | March 21, 2014
Dolan Co., which owns The Daily Record, plans to file for bankruptcy-law protection next week, the Minneapolis-based company announced Thursday. Dolan, a professional services and business information firm, showed signs of mounting financial distress in recent months. It reported losses, hired a chief restructuring officer and in January saw its stock delisted from the New York Stock Exchange as a result of a consistently low share price. Dolan said it had reached agreement with key secured lenders on a "comprehensive balance sheet restructuring.
BUSINESS
By Natalie Sherman | March 21, 2014
Developer Patrick Turner got more time to find an investor for his ambitious Westport waterfront project after a creditor filed an involuntary bankruptcy petition Friday against a company that owns part of the property, blocking a scheduled foreclosure auction at the last minute. It is the second time an involuntary bankruptcy suit stopped an auction of Turner's Westport land, which was used to secure a $30 million loan to his development team in 2007 from Citigroup Global Markets Realty Corp.
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