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BUSINESS
By Los Angeles Times | December 6, 1991
NEW YORK -- The New York Daily News is venturing into uncharted waters now that it has become the first major newspaper to seek refuge under Chapter 11 of the federal bankruptcy code.On one hand, analysts and bankruptcy specialists say, the risky strategy of last resort could shield the News from the crumbling Maxwell publishing empire's overseas woes and give the paper breathing room to recover or seek a buyer.On the other, the bankruptcy filing could sink the troubled tabloid by scaring away advertisers and newsprint suppliers.
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BUSINESS
By New York Times News Service Peter H. Frank of The Sun's Business staff contributed to this article | January 25, 1991
CHICAGO -- One of the nation's most venerable brewers, G. Heileman Brewing Co., has become the latest victim of the widespread use of debt in the 1980s.Heileman, which has a brewery in Baltimore County, filed yesterday in New York City for protection from creditors under Chapter 11 of the Federal Bankruptcy Code.The company was unable to make payments on the mountain of debt piled onto its balance sheet when it was taken over in 1987 by Alan Bond, an Australian entrepreneur.Heileman's brands are Colt .45 and Champale malt liquors, Old Style and Black Label beers and La Croix sparkling water.
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
By Jay Hancock and Jay Hancock,Sun Staff Writer | September 21, 1994
Fair Lanes Inc., the nation's biggest independent operator of bowling alleys, received court approval yesterday to emerge from bankruptcy proceedings with new owners, less debt and more money for renovations.U.S. Bankruptcy Judge James F. Schneider accepted a plan that gives all of Fair Lanes' stock to the company's creditors, wiping out the ownership stake of a leveraged buyout firm that bought the bowling concern in 1989.Balfour Investments Inc., a New York investment firm, and AMF, a Richmond, Va., bowling equipment maker and alley operator, will be Fair Lanes' major shareholders after the reorganization.
NEWS
By Robert Gordon | March 4, 2005
WASHINGTON - For a president who has spoken eloquently about America as "the land of the second chance," George W. Bush is grimly committed to stripping second chances from millions of families. That's the message of the bankruptcy legislation facing the Senate this week. Together with Mr. Bush's Social Security plan, that bill would undermine basic American social insurance and take away dignified futures from decent Americans whose lives fell short of their hopes. Today, one American household files for bankruptcy every 20 seconds.
NEWS
November 16, 2004
Sanford "Sandy" Harris, a bankruptcy attorney and partner in a downtown Baltimore law firm, died of congestive heart failure Saturday at Gilchrist Center for Hospice Care. The Pikesville resident was 80. Born in Baltimore and raised on Mount Royal Terrace, he was a 1940 graduate of City College. His studies at the University of Maryland, College Park were interrupted by service in the Army Air Corps during World War II. After working briefly in retail, Mr. Harris earned his law degree in 1956 from the University of Baltimore and was elected to the school's Heuisler Honor Society.
BUSINESS
By Agis Salpukas and Agis Salpukas,New York Times News Service John H. Gormley Jr. of The Sun's business desk contributed to this report | June 29, 1991
America West Airlines, which filed for bankruptcy court protection late Thursday, is one of the few carriers created after deregulation that is still flying.The airline, the nation's ninth largest, said it would continue in service while seeking to reorganize its finances and business under Chapter 11 of the Federal Bankruptcy Code.America West, which was one of the early success stories of deregulation, is given a fairly good chance of survival if it can develop a plan to continue without outside help.
SPORTS
By David Michael Ettlin | January 11, 1991
On the eve of its 1991 season opening, Rosecroft Raceway in Prince George's County and a sister harness track on the Eastern Shore filed for bankruptcy protection yesterday under an agreement worked out between owner Mark Vogel and First National Bank of Maryland.The bank had moved a week ago to foreclose on an $11 million loan to Vogel, a developer who in recent months has had financial and legal problems -- the latter including a drug conviction.The late-afternoon filing in the U.S. Bankruptcy Court in Baltimore was viewed by attorneys representing Vogel as a move in the best interests of the parties involved in the legal dispute as well as track workers, the racing industry and the state.
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