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Restructuring

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NEWS
By Luke Broadwater, The Baltimore Sun | November 3, 2011
The IndyCar racing organization joined city officials on Thursday in calling for change at the financially embattled company that runs the Baltimore Grand Prix, characterizing it as disorganized and saying it needs restructuring as it addresses unpaid debt. Baltimore Racing Development, which ran the inaugural Grand Prix through downtown and around the Inner Harbor over Labor Day weekend, has been sued by a number of vendors and lenders alleging that the organizers have nearly $1.6 million in unpaid bills.
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NEWS
August 14, 2014
City police officials have replaced the department's homicide chief in the wake of a string of unsolved murders this summer that shattered what had been a period of relative calm. Maj. Stanley Brandford will take over the homicide unit from Maj. Dennis Smith, who had been running homicide along with the shooting and robbery divisions since April. Putting the unit under separate command is probably the right move given the outsized role homicides play in shaping perceptions of Baltimore.
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BUSINESS
By Kim Clark and Kim Clark,Sun Staff Writer | September 12, 1995
Environmental Elements Corp., which has seen its profits go up in smoke along with the demand for its air pollution control devices, announced another restructuring yesterday.The Baltimore-based maker of smokestack "scrubbers" said it will close its Jeffersonville, Ind., facility and lay off most of the 50 workers there.At least 10 of the Indiana workers will be offered jobs in Baltimore, the company said.In addition, the company shuffled its executives. Chairman Richard Hug, who led the company when it broke away from Koppers Co. in 1983, and when it went public in 1990, was moved to chairman emeritus.
BUSINESS
By Natalie Sherman, The Baltimore Sun | July 5, 2014
Legg Mason plans to close a deal this month to restructure $650 million in debt, a move designed to lock in favorable interest rates for the long term while taking advantage of the market's sustained appetite for corporate bonds. The money raised from the sale will be used to pay off $650 million of notes due in 2019, which the Baltimore-based money manager issued two years ago at a rate of 5.5 percent. The firm's total debt of just over $1 billion would remain unchanged. Legg's decision to restructure debt follows the path of dozens of companies, including asset managers Invesco, Janus Capital Group and Icahn Enterprises, that have pursued refinancing in expectation of rising interest rates.
BUSINESS
By Kim Clark nJB | January 14, 1992
Alexander & Alexander Services Inc. will restructure its international insurance brokerage business and take a $75 million charge against its fourth-quarter earnings, resulting in a loss for the three months and the year, the company said yesterday.Alexander & Alexander, a New York-based insurance company that has more than 800 employees in Maryland, also announced yesterday that it will close some of its 210 brokerage offices, cut its staff and sell some of its underwriting and management divisions.
BUSINESS
By Ted Shelsby and Ted Shelsby,Sun Staff Writer | July 29, 1995
Savings from a corporate restructuring implemented in June last year was credited with a sharp turnaround of earnings at UNC Inc., the Annapolis-based aircraft service company said yesterday.Net income for the three months ended June 30 was $959,000, or 5 cents a share. This compares with a loss of $54.6 million, or $3.12 a share, a year earlier.Operating income showed an even more significant reversal. In the most recent quarter the company posted an operating profit of $6.4 million. That compared with a second-quarter loss from continuing operations of $63.7 million in the same period last year.
BUSINESS
By Ted Shelsby and Ted Shelsby,Sun Staff Writer | June 29, 1994
UNC Inc., an Annapolis-based aviation service company, yesterday announced a restructuring program that will eliminate about 300 jobs and result in a charge against second-quarter earnings of approximately $50 million.The news was not welcomed on Wall Street. UNC's stock fell 21 percent before trading was halted to close at $6, down $1.625.The move is seen as a bitter dose of medicine that is expected to create annual savings of $15 million and generate another $85 million in cash through asset sales over the next 18 months.
BUSINESS
By Ted Shelsby | April 27, 1991
UNC Inc. -- the Annapolis-based company that has just completed an extensive five-year restructuring that involved the divestment or closing of 21 businesses and the purchase of seven new ones -- is geared for significant growth over the next five years, its chairman and chief executive told shareholders yesterday.Dan A. Colussy told investors attending the annual stockholder's meeting at Baltimore's Harbor Court Hotel that the company is also in line to pick up part of a new contract related to the Air Force's new $70 billion Advanced Tactical Fighter program.
BUSINESS
By Ian Johnson and Ian Johnson,Staff Writer Bloomberg Business News contributed to this article | January 29, 1993
NEW YORK -- The Marriott Corp. said it would delay the company's controversial restructuring plan after bondholders agreed to a two-week delay in a court hearing scheduled in a suit aimed at blocking the plan.The two-week delay in the hearing, which now will take place Feb. 11, would result in an accompanying two-week delay in the company's restructuring plan, Marriott spokesman Terry Souers said.Unless the court prohibits it from going through, the company would be restructured in early June instead of mid-May, Mr. Souers said.
BUSINESS
By DETROIT FREE PRESS | October 21, 2005
DETROIT -- Ford Motor Co. Chairman and Chief Executive Officer Bill Ford said that the automaker will not announce its coming restructuring until January, despite posting a bigger-than-expected loss yesterday that suggests its troubles could be deeper than previously suspected. Workers at all levels of the company, Ford said, would be affected by the cost-cutting plan, which will include health care benefit changes and plant closings. "This is not a sacrifice that we will ask only the UAW and its membership to bear," he said.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | January 14, 2014
The Dolan Co., owner of The Daily Record in Baltimore, has signaled financial distress by hiring a restructuring officer, deciding against paying a dividend and disclosing that it received a warning from the New York Stock Exchange over its low stock price. The Minneapolis-based professional services and business information firm made all three announcements in the last several weeks. Dolan said its new chief restructuring officer, Kevin Nystrom of Zolfo Cooper, will work to "stabilize" its finances.
SPORTS
By Mike Preston and The Baltimore Sun | January 1, 2014
Besides defensive tackle Haloti Ngata and outside linebacker Terrell Suggs, another candidate to possibly have his contract restructured this offseason is cornerback Lardarius Webb. Webb had a strong season and rebounded from major knee surgery a year ago. He was one of the team's leading tacklers, with 74. But Webb is also scheduled to make $7.5 million next season with a cap figure of $10.5 million. The Ravens might want to lower both. ** Maybe running back Ray Rice didn't see much action in the first half Sunday because of the shouting match he had with fullback Vonta Leach shortly before the game started.
NEWS
November 22, 2013
Baltimore Police Commissioner Anthony Batts' long-awaited consultant's report on how to reshape his department and drive down crime comes to what sounds like an obvious conclusion: The city's police should focus on gangs, guns and violent repeat offenders. The 200-page document underscores the extent to which that is easier said than done - it includes dozens of recommendations for changing the department's structure, procedures and use of technology. But at its heart, it tells us what we already knew - that gun crimes are the city's most pressing concern and that focused efforts by the police can help drive them down.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | November 3, 2013
James Malaro Jr. bought electricity from a company other than his utility for the first time last fall. The deal quickly went bad. The Centreville man hadn't realized it, but the money-saving rate he'd been quoted was variable, not fixed. It more than doubled during the winter. As more customers and companies jump into Maryland's electricity-purchase market, reports of problems and outright scams are mounting. Maryland's Public Service Commission has seen a more than 50 percent spike in complaints about energy suppliers this year compared with all of last year, including so many about Starion Energy - the company that increased Malaro's rate - that it launched an investigation into the Connecticut firm.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | October 29, 2013
Legg Mason Inc. will be laying off about 20 people in its auditing department in Baltimore at the end of the year. The Baltimore-based money manager plans to maintain a small auditing team whose work will be supplemented by a large accounting firm, the company said. The name of the firm was not disclosed. The company employs 387 in Baltimore. "By doing so, we have created a structure in which we have the flexibility to allocate resources across geographies as needed, tapping into the subject matter and product breadth expertise of our accounting partner, while maintaining a small core staff to ensure communication and institutional knowledge," the company said in a statement.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | September 4, 2013
The Greater Baltimore Committee said Wednesday that it will organize a private-sector commission to study Maryland's tax structure after dozens of local CEOs named tax reform the top priority for making the state more business friendly. The GBC, a business and civic leadership organization, said it surveyed more than 250 chief executives and conducted workshops across the region to hear business leaders' thoughts on how to increase Maryland's economic competitiveness. "Tax structure was the No. 1 - that's the one they consistently hear about, talk about, hear from others outside this state," said Donald C. Fry, the GBC's president.
BUSINESS
By Ian Johnson and Ian Johnson,New York Bureau | January 16, 1994
NEW YORK -- Conventional wisdom had it that Westinghouse Electric Corp. needed a good thrashing to bring it back into line. Divisions had to be sold, and quickly, while "fat" had to be "trimmed" and management bullwhipped into shape.The problem with that view is that it was wrong, at least according to the company's chairman and chief executive, Michael H. Jordan.Last week, while unveiling Westinghouse's second restructuring in 14 months, the 57-year-old former PepsiCo executive proved to be more of a discrete counselor for the company than the loud-mouthed drill sergeant favored by Wall Street's management mavens.
NEWS
June 20, 2013
With warmer weather and an expected increase in violence approaching, the Baltimore Police Department is burning through its overtime budget at a record clip and stressing the physical capacities of its officers to the limit. City Police Commissioner Anthony Batts says the problem stems from a large number of vacancies among the department's sworn officers and frequent turnover as experienced members of the force leave for higher-paying jobs in the suburbs. Yet it's not at all clear that plugging the gaps with officers on overtime is sustainable — either economically or as a crime-fighting strategy.
SPORTS
By Aaron Wilson, The Baltimore Sun | June 6, 2013
It was a familiar scene for the Ravens' offensive backfield as running back Ray Rice took handoffs and made his cuts with Pro Bowl fullback Vonta Leach operating as his lead blocker on Thursday morning. Behind the scenes, though, whether Leach runs interference for Rice this season under his current contract remains an unresolved situation. The Ravens would ideally like to lower Leach's $4.33 million salary-cap figure and are expected to craft a proposal to try to adjust his contract, according to league sources.
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