(Source: Richmond Times - Dispatch)
The owner of Toad's Place concert hall along the Canal Walk has filed for Chapter 7 bankruptcy and plans to dissolve the business. Court papers filed Monday in U.S. Bankruptcy Court in Richmond show that Toad's Place of Richmond LLC has less than $50,000 in assets and as much as $1 million in liabilities. The entertainment venue, located inside the renovated Lady Byrd Hat Factory building, shut down in early March after the owner was unable to make rent payments. More than 160 creditors were listed in the filing, include the state of Virginia, the city of Richmond and entertainment- oriented vendors. VIRGINIA / Capital One says new law will have big effect
New credit-card legislation is expected to have a dramatic impact on the national lending landscape, the chief financial officer of Capital One Financial Corp. said yesterday.
Speaking at the Keefe, Bruyette & Woods Diversified Financial Services Conference, Capital One CFO Gary Perlin didn't give specifics about how the law will affect the McLean-based lender's costs or revenue.
He did, however, acknowledge that there will be a lot of "reinvention" of pricing and fee structures industrywide.
Some areas that will see major changes include the ability for a lender to adjust or reprice outstanding debt and how much consumers can be charged in various fees, Perlin said.
Consol Energy plans to restart mine production
Consol Energy Inc., the third-biggest U.S. coal producer, plans to restart longwall production at the Buchanan mine by mid-July but will cut output at the Blackville No. 2 mine near Wana, W.Va., until July 18.
The company halted mining at the Buchanan operation March 1 amid lower demand from steel producers as the economy soured, Pittsburgh- based Consol said.
The company said it reached an agreement with two of its largest customers on contracts to take coal. Consol halted longwall output at its Blacksville No. 2 mine yesterday to balance supply of Northern Appalachian coal with demand.
Newspapers group wins court's OK to sell assets
American Community Newspapers Inc., which operates smaller newspapers in Northern Virginia and three other major U.S. markets, won court approval to sell its assets to its lenders.
The bankruptcy court judge gave American Community approval to sell the company to the lenders after it received no other bids and canceled a May 28 auction.
Existing lenders, owed about $107 million, agreed to buy the company for $32 million of the debt, court papers show.
Texas-based American Community publishes 86 community newspapers and 14 niche publications in Northern Virginia and in the Dallas, Minneapolis and Columbus, Ohio, areas.
In Virginia, it operates Leesburg Today, Loudoun Magazine, Loudoun Business, Arlington Sun Gazette, Great Falls/McLean/Oakton/ Vienna Sun Gazette, Middleburg Life and Parent Life.
Elsewhere in Virginia
- Jorge Haddock, dean at the University of Richmond's Robins School of Business for four years, will become dean of the School of Management at George Mason University in Fairfax County effective July 1.
- Thomas N. Chewning, Dominion Resources Inc.'s chief financial officer, retired Monday after 22 years with the company. Mark F. McGettrick, president and chief executive officer of Dominion Generation, succeeded him.
- Sallie Mae CEO Albert Lord said he expects loan charge-offs, or loans written off as not being repaid, at the student-lending company to peak in 2009 and remain high next year. Lord, who heads the Reston-based company officially known as SLM Corp., noted that most of the loan losses came from a group of nontraditional loans that were originated between 2003 and 2007.
- United Way of Central Virginia, based in Lynchburg, is cutting its contribution to the 28 nonprofits in the Lynchburg area by an average of 18.6 percent. The group is reducing the amounts because donations for its most recent campaign fell 16 percent short of the $4 million goal.
ILLUSTRATION: PHOTO
MEMO: EXCERPT FROM BUSINESS BRIEFS
Originally published by Staff and Wire Reports.
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