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Reorganization Plan

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BUSINESS
April 1, 2010
With the clock ticking down, Tribune Co. bought more time to negotiate with fractious creditors Wednesday when it filed a motion in Delaware bankruptcy court to extend until April 30 its exclusive right to propose a reorganization plan in its 15-month-old Chapter 11 case. Any extension of the "exclusivity period" requires a judge's approval. But the move takes advantage of a quirk in Delaware law, which allows Tribune to file the motion and essentially freeze exclusivity until the next scheduled court hearing on April 13. Tribune Co., which owns the Chicago Tribune, The Baltimore Sun and other media properties, already had filed four extensions as it tried to broker a compromise between sparring senior creditors and junior bondholders.
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BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | February 27, 2014
Columbia's W.R. Grace & Co. said Thursday that it will give CEO Fred E. Festa a $1.5 million cash payment, part of a package of "emergence" bonuses in the wake of its exit from a nearly 13-year-long bankruptcy case. The chemical maker, which filed for Chapter 11 bankruptcy protection in 2001 after asbestos claims against it soared, said its reorganization plan allowed for $6 million in such payments. Grace emerged from bankruptcy protection Feb. 3. It expects to pay the bonuses in March.
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NEWS
By Erica L. Green, The Baltimore Sun | January 26, 2011
The Baltimore City school board approved Tuesday night a recommendation to close one high school that failed to improve its graduation and test scores, and reorganize four other schools whose students have been underperforming on state assessments. Under the new plan, announced by schools CEO Andres Alonso in November, the Institute of Business and Entrepreneurship High School will close in 2012, allowing only seniors to stay through the end of next school year in order to graduate.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | December 23, 2013
Columbia-based W.R. Grace & Co. cleared the last major hurdle Monday to its exit from nearly 13 years of bankruptcy protection, settling the final remaining appeal to its reorganization plan. The chemical maker said in a U.S. Securities and Exchange Commission filing that it agreed to pay $129 million to the lenders who hold its pre-bankruptcy bank debt, in addition to the distributions called for in the reorganization plan. If the U.S. Bankruptcy Court approves the settlement, the lenders will withdraw their appeal, Grace said.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | December 23, 2013
Columbia-based W.R. Grace & Co. cleared the last major hurdle Monday to its exit from nearly 13 years of bankruptcy protection, settling the final remaining appeal to its reorganization plan. The chemical maker said in a U.S. Securities and Exchange Commission filing that it agreed to pay $129 million to the lenders who hold its pre-bankruptcy bank debt, in addition to the distributions called for in the reorganization plan. If the U.S. Bankruptcy Court approves the settlement, the lenders will withdraw their appeal, Grace said.
BUSINESS
By New York Times News Service | November 20, 1990
DALLAS -- Nearly six months after the only nationwide passenger-bus system entered federal bankruptcy protection during a bitter drivers' strike, Greyhound Lines Inc. filed a financial reorganization plan yesterday that calls for the company to repay much of what it owes its largest creditors.The plan would take all equity away from the current owners, including the senior executives who spent $350 million in 1987 to buy Greyhound and a large piece of the Continental Trailways system.Under the plan, unsecured creditors would receive 9.5 million of10 million new common shares that would be publicly traded.
BUSINESS
By Jay Hancock 22TC and Jay Hancock 22TC,Sun Staff Writer | June 2, 1994
Octavia Inc., the elegant women's apparel store that entered bankruptcy proceedings in March, has rebounded with "exceptional" sales and intends to file a reorganization plan after the summer, company officials said yesterday."
BUSINESS
By Robert Manor and Robert Manor,CHICAGO TRIBUNE | August 27, 2005
A federal bankruptcy judge gave United Airlines yesterday a Nov. 1 deadline to file a plan for exiting Chapter 11, and said if it fails to do so it risks losing control of its destiny. United has won 10 extensions of its exclusive right to determine its reorganization plan for leaving bankruptcy. "No further extensions will be granted in the absence of compelling and unforeseeable circumstances," Judge Eugene Wedoff said. Some of United's banking creditors want more say in the airline's business plan.
BUSINESS
By Timothy J. Mullaney and Timothy J. Mullaney,Staff Writer | January 15, 1993
NVR L.P., the parent of Ryan Homes, said yesterday that it would file a reorganization plan in federal bankruptcy court today, hoping to restructure its way out from under the crushing debt that forced it to file for court protection in April 1992."
NEWS
By MICHAEL A. FLETCHER and MICHAEL A. FLETCHER,Michael Fletcher covers city government in Baltimore for The Baltimore Sun | February 16, 1992
The education of Kurt L. Schmoke as mayor is evident in the way he is handling his cabinet's plan for reorganizing city government.The mayor is staying as far away as possible from the report's recommendations, calling them ideas for discussion. He says his opinions will emerge only after the public debate over the plan subsides.The proposals now before Mr. Schmoke would radically restructure city government by merging several departments, consolidating overlapping services and eliminating financial support for Baltimore's cultural institutions.
NEWS
By Tricia Bishop, The Baltimore Sun | June 21, 2013
Members of the state university system's Board of Regents unanimously approved a plan to revitalize Coppin State University at their meeting Friday, setting in motion what is expected to be a comprehensive overhaul of the historically black institution. The board also heard a report on the system's efforts to close the achievement gap between certain groups on each campus, including white males and black males, low-income and high-income students, and "underrepresented minority students" and the majority.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | March 16, 2012
A trustee will run Alter Communications Inc., publisher of the Baltimore Jewish Times, a U.S. Bankruptcy Court judge ordered late Friday after determining the company had exhausted all avenues to reorganize under Chapter 11. U.S. Bankruptcy Court Judge Nancy V. Alquist rejected an 11th-hour bid that Alter and its attorneys said could prevent the 93-year-old Jewish Times from folding as soon as next week. Under Alter's proposal, presented in court Friday, Washington Jewish Week publisher WJW Group LLC was prepared to make a formal offer for Alter's assets by Monday and close the deal by Wednesday in time to allow the weekly magazine to publish Friday.
BUSINESS
By Arthur Hirsch, The Baltimore Sun | March 14, 2012
The publisher of the Baltimore Jewish Times and its key creditor have been given until Friday morning to file a plan to get the company out of bankruptcy or face a hearing on a motion to appoint a trustee to run the business. Alter Communications Inc., which also publishes Style magazine, and its former printer, H.G. Roebuck & Son, Inc., are negotiating a revision of a plan that Alter filed in December that involves an investor group headed by Dr. Scott Rifkin, a Baltimore physician turned health care enterpreneur, said Maria Ellena Chavez-Ruark, Alter's attorney.
NEWS
By Tricia Bishop, The Baltimore Sun | October 19, 2011
A federal bankruptcy judge has granted a month-long extension to Alter Communications, which publishes the Baltimore Jewish Times and Style Magazine, and creditor H.G. Roebuck & Sons, to "negotiate their differences and file a joint plan of reorganization," according to a court order filed Wednesday. U.S. Bankruptcy Judge James F. Schneider previously ordered the entities to develop and present a plan by Oct. 21 to remove Alter from Chapter 11 proceedings, or said he would appoint a trustee to run the business.
NEWS
By Erica L. Green, The Baltimore Sun | May 11, 2011
Even as city schools are losing hundreds of thousands of dollars for staff and programs, schools CEO Andrés Alonso has proposed hiring 14 new executives and a deputy CEO at six-figure salaries as part of his central office reorganization. Alonso informed the city school board this week that the system wants to hire the directors at salaries of $125,000, for a total cost of $1.75 million, to strengthen management and support school leaders. Alonso has also budgeted a $175,000-a-year deputy CEO position that has been vacant for the past two years.
BUSINESS
By Hanah Cho, The Baltimore Sun | April 26, 2011
Chemical maker W.R. Grace & Co., which is close to emerging from bankruptcy, reported Tuesday a 3.7 percent decline in first-quarter profit, but its earnings beat Wall Street expectations. Shares gained 8.8 percent, or $3.63, to close Tuesday at $44.88 on the news. The stock traded as much as 10 percent higher during the day. Separately, the Columbia-based company said a hearing will be held June 28 at U.S. District Court in Delaware for appeals to Grace's reorganization plan.
BUSINESS
By John Fairhall and John Fairhall,Sun Staff Writer | December 18, 1994
Of all the issues raised by Blue Cross and Blue Shield of Maryland's proposed marriage with Wall Street, one stands out like an uninvited wedding guest: Are taxpayers being asked to subsidize the union?The question poses a potential hurdle to state approval of a bold and, by many accounts, promising plan to put Maryland's largest insurer on a sound financial footing in the future.Blue Cross proposes to raise capital needed to compete by placing many of its most valuable assets -- created while the nonprofit company enjoyed tens of millions of dollars of tax breaks -- into a new, for-profit company that would sell stock and be increasingly owned by outside investors.
BUSINESS
By Andrea K. Walker, The Baltimore Sun | February 28, 2011
Penn National Gaming Inc. has completed its acquisition of Rosecroft Raceway, enabling the Prince George's racetrack to emerge from Chapter 11 bankruptcy. The racetrack's reorganization plan was dependent on the former owner of Rosecroft, Cloverleaf Enterprises Inc., to sell most of its assets, including the track. A bankruptcy judge approved Penn National's $11 million bid for the track in February, but the transaction was finalized Monday. However, the case is still wrapped up in court because a competing bidder, Landow Partners, wishes to submit a higher bid. A hearing is scheduled for March.
NEWS
By Erica L. Green, The Baltimore Sun | February 10, 2011
Baltimore City schools CEO Andrés Alonso has ordered yet another reorganization at the central office that could eliminate positions, a move that he says is not a cost-saving measure even though the system faces a $73 million shortfall in next year's budget. Alonso said Thursday that the plan is still in the preliminary stages but will continue his three-year effort to decentralize the administrative offices and push more resources into schools. His main goal is to require that administrators be more versatile in responding to the needs of students and principals, even outside their areas of expertise.
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