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April 18, 2014 / 18 Nisan, 5774
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Posts Tagged ‘bankruptcy’

Office Depot’s Israel Branch at End of the Road, Closes All Stores

Monday, November 18th, 2013

The Israeli branch of Office Depot has run out of bankruptcy-saving proposals, and a court on Monday authorized liquidators to lay off all 780 employees and close the stores.

“After a lengthy hearing and with all due regret, it seems that the company has reached the end of the road, and nobody can disagree,” said Central District Court Judge Irit Weinberg-Nutovitz, who ordered the company to submit a liquidation plan on Wednesday.

She added, “I am instructing the temporary liquidators to close the stores which have been operating in an orderly manner and to place guards until decided otherwise. I am instructing the temporary liquidators to seek the assistance of the police if necessary.”

Washington Jewish Week Owners Buys the Baltimore Jewish Times

Tuesday, April 3rd, 2012

The owners of Washington’s Jewish newspaper submitted the winning bid for The Baltimore Jewish Times at a bankruptcy auction.

Route 95 Publications, LLC, an affiliate of the WJW Group that owns the Washington Jewish Week, said it won Monday’s auction to purchase Alter Communications, the publisher of The Baltimore Jewish Times and Style Magazine. The group’s bid was $1.26 million.

The sale still must be approved by a federal bankruptcy court judge, who reportedly will consider the issue on Thursday.

“The Baltimore Jewish Times is, literally, a significant communal institution and a meaningful player in the world of Anglo-Jewish newspapers,” Louis Mayberg, a partner of Route 95 Publications, said in a statement. “We respect that tradition, and we are committed to continue it, and to build upon it.”

Alter Communications went into bankruptcy following an acrimonious legal dispute with its printer that had rendered uncertain the future of The Baltimore Jewish Times, a 93-year-old weekly.

Route 95 Publications was one of three bidders for Alter. The others were Baltimore Community Publishing, LLC, which owns a local sports publication and is led by physician Scott Rifkin, and the printer, H.G. Roebuck & Son Inc., which had won a legal judgment against Alter over breach of contract that led to the bankruptcy.

According to The Baltimore Sun, Alter’s CEO had estimated that the sale would be for between $400,000 and $600,000.

In Monday’s auction, Baltimore Community Publishing bid $1.25 million, while Roebuck bid up to $905,000.

Mayberg said in his statement that while his ownership group anticipated “the development of some efficiencies on the administrative side of the paper, our plan is to keep as many employees of the paper who can help make it better and stronger, and to bring in additional support to help the paper continue to grow and prosper.”

He said his group is “committed to maintaining the high level of journalistic integrity of the Jewish Times” and to it remaining “a Baltimore-based paper.”

Rescue Plans Suspended in Talks of Baltimore Jewish Times Bankruptcy

Wednesday, March 14th, 2012

The Baltimore Sun reported that two competing plans to save the Baltimore Jewish Times’ publisher from bankruptcy are no longer pending, and negotiations resumed Tuesday with a key creditor, after a judge ok’ed an emergency cash infusion.

According to Alter Communications Inc.’s attorney Alan M. Grochal, the two proposals before the bankruptcy court had falled through, although the major investors involved in each one are still interested. A hearing scheduled Wednesday morning in U.S. Bankruptcy Court in which the sides will either present a plan or ask for more time.

Andrew Alter Buerger, Alter’s chief executive officer and vice president, said the tone of the discussions between Alter and its main creditor and former printer, H.G. Roebuck & Son Inc., has improved.

“People are finally putting down the swords and picking up the pens and figuring out how this can work,” Buerger said early Tuesday afternoon.

The Sun spoke to Neil Rubin, senior editor of news for the Baltimore Jewish Times, who has not been privy to the negotiations, but “marveled at the complexity and length of the proceedings.”

“This has taken so many turns it’s dizzying,” Rubin said. “You couldn’t do a flow chart of this.”

Printed from: http://www.jewishpress.com/news/breaking-news/rescue-plans-suspended-in-talks-of-baltimore-jewish-times-bankruptcy/2012/03/14/

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