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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.
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BUSINESS
By Steve Kilar, The Baltimore Sun | March 2, 2013
The only residents of the Westport waterfront last week were a gaggle of geese that commandeered a large puddle amid the brush and broken asphalt. The only structure was a battered chain-link fence, capturing wind-blown litter along the perimeter. By now the 43-acre tract, assembled and cleared over several years with millions of dollars and personal resolve, was supposed to house hundreds and bustle with office workers. There should be a towering skyscraper and a stadium. Instead, the development company that was going to make that happen is in bankruptcy and the future of the $1.4 billion Westport Waterfront project, thought of as a potential "Harbor West," is uncertain.
BUSINESS
By Steve Kilar, The Baltimore Sun | February 20, 2013
The company affiliated with developer Patrick Turner that was planning to redevelop the waterfront of the Westport neighborhood in southwest Baltimore has filed for bankruptcy. Inner Harbor West LLC, the subject of a Chapter 7 involuntary bankruptcy petition filed by two creditors earlier this month, has asked a federal judge to convert the case to a Chapter 11 bankruptcy, according to documents filed Tuesday in Maryland's bankruptcy court. If the change is allowed, Inner Harbor West LLC could reorganize with trustee oversight and develop a plan to repay creditors.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | February 20, 2013
Several creditors of Commerce Corp. filed an involuntary bankruptcy petition against the Maryland-based distributor of lawn and garden supplies. In the petition filed last week, five creditors claim they are owed a combined $1.73 million from the Curtis Bay distributor and want it placed in a Chapter 7 bankruptcy liquidation. The creditors are DeWitt Co. Inc. in Missouri; Franklin Electric Co. Inc. of Indiana; Dramm Corp. of Wisconsin; and Premier Horticulture Inc. and J.R. Peters Inc., both of Pennsylvania.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | January 24, 2013
Chemical maker W.R. Grace & Co. said Thursday it will adjust the estimated cost of settling its asbestos-related liabilities to $2 billion from the previous estimate of $1.7 billion. The increase reflects higher estimated values of a common stock warrant and deferred payment obligations to be paid to a trust to compensate personal-injury claimants and property owners under the company's bankruptcy reorganization. The company filed for Chapter 11 protection in 2001, partly as a result of asbestos-related lawsuits filed by residents of Libby, Mont., and others.
BUSINESS
January 16, 2013
At the end of 2007, real estate tycoon Sam Zell took control of Tribune Co. in a deal that promised to re-energize the media conglomerate. But the company, which owns The Baltimore Sun, struggled under the huge debt burden the deal created, and less than a year later, it filed for bankruptcy. One of Chicago's most iconic companies - parent to the Chicago Tribune  - was propelled into a protracted and in many ways unprecedented odyssey through Chapter 11 reorganization. On Dec. 31, after four years, Tribune Co. finally emerged from court protection under new ownership, but at a heavy cost.
BUSINESS
January 16, 2013
Somewhere in the third year of Tribune Co.'s marathon Chapter 11 proceeding, U.S. Bankruptcy Judge Kevin Carey looked out at a Delaware courtroom packed with high-priced attorneys and conceded the case had broken down into what he called a "multiconstituent melee. " "The parties are represented by some of the best lawyers in the field," he said. "You know how to fight well ... but nobody ends up the better for it, really. " Carey was trying to make a point about the foundation of bankruptcy law, which recognizes that a company and its creditors are better off hammering out a settlement than fighting endless court battles.
BUSINESS
By Steve Kilar, The Baltimore Sun | December 31, 2012
Mental health rehabilitation and addiction treatment center Baltimore Behavioral Health Inc. has filed for bankruptcy protection because it owes more than $5.5 million to creditors and estimates its assets are less than $500,000, according to federal court filings. The center will continue to operate during the Chapter 11 restructuring, said CEO Terry T. Brown. "There's a need for us to be here," Brown said of the nonprofit company's West Pratt Street facility, on the northern edge of the Pigtown neighborhood of Southwest Baltimore.
NEWS
By Janene Holzberg, For The Baltimore Sun | December 26, 2012
Bob Duggan frequently refers to "our national disease-care system" when he talks about his new book, employing a term he has used across his 40-plus years as a healing-arts clinician and educator. As co-founder and former president of Tai Sophia Institute, a North Laurel graduate school of complementary medicine, wellness-based education and research, he believes that labeling our current system "health care" is a gigantic misnomer — and a point of national disgrace. In "Breaking the Iron Triangle: Reducing Health-Care Costs in Corporate America," Duggan offers a vision of a sustainable, wellness-based future in which corporations and entrepreneurs are able to slash rising health-care costs by investing in programs that focus on wellness instead of disease.
HEALTH
By Andrea K. Walker, The Baltimore Sun | December 21, 2012
The pharmacy at the center of a fungal meningitis outbreak that has hit 19 states said Friday it has declared Chapter 11 bankruptcy in Massachusetts. The New England Compounding Center also said it plans to establish a fund to compensate those affected by the outbreak. The outbreak has sickened 620 people and killed 39. In Maryland, 25 people have gotten ill and two have died. The outbreak is linked to three lots of a steroid injection used to treat back pain that clinics and medical facilities bought from New England Compounding Center.
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