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By Hanah Cho and Hanah Cho,hanah.cho@baltsun.com | March 6, 2009
Magna Entertainment Corp., the troubled owner of Maryland's thoroughbred tracks, filed for bankruptcy protection yesterday and essentially put all of its racetracks up for sale, including Laurel Park and Pimlico Race Course, home of the Preakness Stakes. Asked whether Magna would sell Pimlico, Laurel and California's storied Santa Anita Park, Magna Chairman and CEO Frank Stronach said in a brief telephone interview, "If the price is right." The filing was expected after the company defaulted on a bank loan tied to Pimlico, Laurel and the Maryland Jockey Club while it also faced a $40 million loan payment due yesterday.
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BUSINESS
By Tricia Bishop and Tricia Bishop,tricia.bishop@baltsun.com | December 11, 2008
WILMINGTON, Del. - A federal bankruptcy court judge approved yesterday more than a dozen legal motions filed by Tribune Co. that will allow it to borrow millions, pay thousands of employees and maintain critical vendor and customer contracts. The motions were designed to keep the media giant operating while it restructures its finances, a process that could take a year or more. It was the initial court appearance for the Chicago-based parent company of The Baltimore Sun and other newspapers, television stations and media properties across the nation after its Chapter 11 bankruptcy filing Monday, which encompasses 110 of the company's 127 subsidiaries.
NEWS
December 9, 2008
The news from Chicago sent a jolt through 501 N. Calvert St., the home of this newspaper, its suburban offices and the communities across Maryland that it has served with distinction for 171 years. The owner of the Baltimore Sun Media Group and other Tribune Co. newspapers filed yesterday for Chapter 11 bankruptcy protection to reorganize the company's heavy debt. Perhaps not since the days of the Great Baltimore Fire of 1904 has this newspaper felt so at risk from events outside the building.
NEWS
By Tim Smith and Tim Smith,tim.smith@baltsun.com | December 9, 2008
After 58 years and more than 200 productions, the Baltimore Opera Company will file for Chapter 11 bankruptcy-law protection today amid dwindling ticket sales and contributions. The remaining two productions of the 2008-2009 season, Rossini's The Barber of Seville and Gershwin's Porgy and Bess have been canceled. Ticket-holders will not receive refunds. Singers engaged for next season are being released from their contracts, but the company plans to continue fundraising in an effort to resume productions in the future.
NEWS
November 19, 2008
Time for restructuring of our auto industry According to data cited by University of Michigan economist Mark Perry, when you fold in health care, pensions, hourly pay, vacations and the rest of their benefits, the average total compensation for a Big Three autoworker is $73.21 an hour. Toyota, Honda and Nissan pay a still-generous $44.20 an hour in total compensation - which gives them a cost edge of nearly 40 percent. So is it any wonder that Ford, General Motors and Chrysler can't compete?
NEWS
By Andrea K. Walker, Paul Adams and Julie Scharper and Andrea K. Walker, Paul Adams and Julie Scharper,Sun Reporters | August 5, 2008
Regional department store chain Boscov's Inc. filed yesterday for Chapter 11 bankruptcy protection and said it would close 10 stores, including anchors in three of the Baltimore area's largest malls, as the company suffers from slumping sales amid the housing and credit crunch. Boscov's, based in Reading, Pa., will begin liquidation sales immediately and will close those "underperforming stores" when the entire inventory is sold, which officials estimate will take one to two months. About 1,400 employees, including about 400 in the Baltimore area, will lose their jobs.
BUSINESS
By Bloomberg News | July 10, 2008
Steve & Barry's LLC, the discount seller of clothing lines by celebrities including Sarah Jessica Parker, has sought protection from creditors, joining at least 10 U.S. retailers in bankruptcy this year as consumers cut spending. The company, based in Port Washington, N.Y., listed $693.5 million in assets and $638 million in debt as of May 31 in documents filed yesterday in U.S. Bankruptcy Court in Manhattan. The company said in a statement that it eliminated 172 jobs yesterday and plans to consolidate offices while seeking a sale to repay debt.
BUSINESS
By Laura McCandlish and Laura McCandlish,SUN REPORTER | June 20, 2008
Jessup-based mattress manufacturer Dormia Inc. said yesterday that its retail operation filed for bankruptcy protection, conceding that its push to sell directly to consumers has foundered. Bankruptcy reorganization will allow the company to refocus on its wholesale business, Classic Sleep Products, which has experienced a more than 15 percent increase in mattress sales this year compared with last year, chief executive Michael Zippelli said. "That's always been our core business," said Zippelli, who purchased the Jessup plant with a partner in 2000.
SPORTS
March 8, 2008
The owners of the Champ Car World Series have filed for Chapter 11 bankruptcy protection just two weeks after agreeing to an open-wheel unification plan with the Indy Racing League. The filing in U.S. District Court in Indianapolis, dated Wednesday, states that Champ Car has spent tens of millions of dollars in the past four years to maintain the series and that its takeover by the IRL is in the best interest of the sport. The bankruptcy filing will not affect the IRL deal, said Jeff Hokanson, a lawyer representing Champ Car. The filing indicates debts of up to $10 million.
BUSINESS
By Laura Smitherman and Laura Smitherman,SUN REPORTER | November 27, 2007
Fieldstone Mortgage Co., the Columbia subprime lender that largely shut down in the midst of the nationwide credit crunch, has filed for bankruptcy protection. The company, which has whittled its work force from 1,000 employees to a skeleton crew of 25, reported it had more than $100 million in liabilities and less than that in assets, according to its Chapter 11 filing Friday with the U.S. Bankruptcy Court in Baltimore. Some of Wall Street's biggest banks, including Morgan Stanley and Bear Stearns & Co. Inc., rank among its largest creditors.
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