NEWS
October 24, 2009
Man dies in Abingdon when pickup hits tree 3 A man was killed in Abingdon early Friday when his pickup truck hit a tree, according to state police. The crash was reported at 1:47 a.m. on southbound Emmorton Road just before Porter Drive, according to police. The man was not immediately identified, pending notification of relatives. - Liz F. Kay Bankruptcy filing unlikely to harm communties' ratings 4 Fitch Ratings said this week that Catonsville-based Erickson Retirement Communities' Chapter 11 bankruptcy filing should have "no effect" on the bond ratings of the Baltimore-area communities it developed, Charlestown and Oak Crest.
NEWS
By McClatchy-Tribune | April 14, 2009
General Motors Corp. shares fell as much as 19 percent Monday in the wake of a report that the troubled automaker has been directed by the U.S. Treasury to lay the groundwork for a bankruptcy filing by June 1. GM's stock, a component of the Dow Jones industrial average, ended the session down 16.2 percent at $1.71 and is now down 47 percent since the beginning of the year. Members of President Barack Obama's automotive task force are holding meetings and conference calls with GM officials and their advisers in Detroit and Washington, according to The New York Times, with the goal of preparing for a fast "surgical" bankruptcy.
NEWS
By Gadi Dechter | April 8, 2009
Gov. Martin O'Malley plans to introduce emergency legislation Wednesday that would give the state authority to acquire Maryland's bankrupt horse racing tracks and the Preakness through eminent domain, officials confirmed. However, legal experts say the bankruptcy filing by the tracks' owner could prevent the state from exercising that power. Debate on the bill, which has the backing of the General Assembly's presiding officers, could begin as soon as Thursday afternoon in a joint hearing of Senate and House of Delegates lawmakers.
NEWS
By BLOOMBERG NEWS | October 16, 2004
Delta Air Lines Inc., the third-largest U.S. carrier, predicted yesterday that its loss would widen to as much as $675 million in the third quarter, pushing the airline closer to a possible bankruptcy filing. Cash reserves were $1.45 billion Sept. 30, the company said in a filing, increasing pressure on the Atlanta airline to agree with pilots on $1 billion in wage and benefit concessions. Delta shares had climbed almost 30 percent this week as the airline and its pilots union discussed an agreement, and fell 79 cents, or nearly 19 percent, to close at $3.42.
NEWS
By BLOOMBERG NEWS | August 13, 2004
ARLINGTON, Va. - US Airways Group Inc. and its pilots union will begin meeting every weekday starting today to speed talks on $300 million in proposed concessions that would help the carrier avoid a second bankruptcy filing. The meetings at the airline's headquarters follow "irregular" sessions, Air Line Pilots Association spokesman Jack Stephan said yesterday. Company executives, including Chief Executive Officer Bruce Lakefield, made a presentation Wednesday to the union, which represents about 3,000 active pilots and 1,879 who have been laid off. "Both sides realized we need to pick up the pace a little bit," Stephan said.
NEWS
By Dan Shope | March 9, 2004
About 3,000 companies, partnerships, ventures and consultants are being drawn into U.S. Bankruptcy Court in New York because they received money from Bethlehem Steel during the 90 days before it filed for Chapter 11 bankruptcy protection. The defendants include a Maryland college, a Cleveland uniform company, a Lehigh Valley computer company, a Bethlehem, Pa., photographer and a retired chairman of Bethlehem Steel Corp. The actions came because bankruptcy court is wary of "sweetheart deals leading up to the bankruptcy - the equivalent of inside trading," said Bruce Davis, counsel to the Retired Employees' Benefits Coalition at the former Bethlehem Steel.
NEWS
By M. William Salganik | March 12, 2003
Magellan Health Services Inc. made official yesterday what the Columbia mental health company had been talking about for months, voluntarily filing for Chapter 11 bankruptcy reorganization. Steven J. Shulman, the relentlessly upbeat chief executive officer who came on board in December, termed the filing "a very exciting and positive development for the company." Magellan brings in enough money to cover operating expenses, he said, but "we just can't service our debt." An acquisition push in the mid-'90s bought Magellan three of the four largest companies in its field, but also ran up more than $1 billion in debt.
NEWS
By TaNoah Morgan | March 4, 2003
Encompass Capital Inc. is closing its central Maryland offices in Columbia, leaving 139 workers without jobs by May, according to a report the company filed with the state Department of Labor, Licensing and Regulation. It is the latest round of bad news for the large Texas company, which filed for bankruptcy protection in November and whose chief executive resigned a month later. The closure is "a result of a lack of work" for the company's mechanical division, which supplied heating and air conditioning service and maintenance for area businesses, said Mary Wiggins, director of corporate communications for Houston-based Encompass Capital.
NEWS
By BLOOMBERG NEWS | June 12, 2001
NEW YORK - Warnaco Group Inc., maker of Calvin Klein jeans and underwear, Speedo swimwear and Olga bras, filed for Chapter 11 bankruptcy protection yesterday. It blamed its troubles on a heavy debt load from acquisitions and licensing agreements and a slowing economy. Warnaco listed debts of more than $3 billion, including $2.6 billion owed to 29 banks and financial institutions. The company's assets are $2.37 billion, according to papers filed in U.S. Bankruptcy Court in New York. "Over the past decade, the company has grown significantly through a series of mergers, acquisitions and other transactions," Warn- aco General Counsel Stanley Silverstein said in an affidavit filed with the court.
NEWS
By M. William Salganik | October 7, 2000
Facing a billion dollars in potential asbestos liability, W. R. Grace & Co. has seen its stock lose nearly half its value over the past two days, since the bankruptcy filing of Owens Corning, another major asbestos defendant. Grace, a chemical company with headquarters in Columbia, issued a statement yesterday saying it had received "numerous investor inquiries" on the impact of the Owens Corning filing. Basically, "it's too soon to tell," said Greg Euston, a Grace spokesman. Grace shares closed yesterday at $3.81, down 75 cents for the day and down $3.13, or 45 percent, over the two days.