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Article: Rhode Island Restaurant Chain Tries to Rise Above Its Financial Woes.
- Article from:
- Providence Journal (Providence, RI)
- Article date:
- June 28, 2002
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Copyright informationCOPYRIGHT 2002 Providence Journal. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Andrea L. Stape
Jun. 28--Happy anniversary.
It's been one year since Newport Creamery fell into bankruptcy court, $10 million in debt and mortally wounded.
It's definitely been a year to remember.
The Rhode Island icon filed for protection under Chapter 11 of the federal bankruptcy laws on June 25, 2001. Since then, 31 restaurants have been shuttered, hundreds of employees laid off and the company's former owner -- Robert Swain -- thrown into a Florida jail on racketeering charges. Plus, more than 600 creditors have been left empty-handed and about 174 employees stuck with $400,000 in unpaid medical bills.
The icon ...
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......million of interim financing at a bankruptcy court hearing held on July 27, 2005. The...operations subject to supervision by the bankruptcy court and will continue to deliver product...be held on August 30, 2005 for the bankruptcy court to consider approval of additional...
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