Bankruptcy

Berkeley County assessments increase MARTINSBURG, W.Va. - The assessed value of Berkeley County real estate has increased by more than $800 million over the previous year, Berkeley County Assessor Preston B. Gooden told county commissioners Thursday. The net assessed values for the 2007 tax year were nearly $4.3 billion, with new construction accounting for more than $36 million, Gooden said. The county's assessed value of real estate, which is 60 percent of the actual value, was little more than $3.4 billion, he said.

The American Outfitters, a clothing store with a branch at Valley Mall in Halfway, filed for bankruptcy Tuesday, the company announced Wednesday. Bob Turkovich, an officer with the company, said the Chapter 11 bankruptcy plan would not affect any of The American Outfitters' seven branches. Turkovich called the plan a "reorganization process. " Typically, a business stays open under a Chapter 11 bankruptcy instead of shutting down and liquidating its assets to pay off debts.

wandaw@herald-mail.com In 1996, Karen and Roger Swope filed for personal bankruptcy under Chapter 7 when they couldn't afford to pay their bills after Roger Swope wasn't able to work because of an injury, Karen Swope said. "I was working part time and I couldn't keep the bills up," she said. Despite the bankruptcy filing, Karen Swope said they weren't trying to avoid their responsibilities. "For them (creditors), it was all or nothing, and we just couldn't pay it all, plus the penalties," Swope said.

julieg@herald-mail.com The Ground Round Grill & Bar reopened in Hagerstown on Monday, seven months after it closed, the new owner said. The 1703 Massey Blvd. restaurant features the same menu as before, but the decor has been updated thanks to a $450,000 renovation, owner Michael J. Metz said Tuesday. After the chain closed its restaurants Feb. 13 and filed for Chapter 11 bankruptcy protection, a group of franchisees bought 72 of the restaurants by bidding at a bankruptcy auction, Metz said.

scottb@herald-mail.com Financially troubled Allegheny Energy Inc. on Thursday asked the U.S. Securities and Exchange Commission for permission to borrow $2.2 billion in secured and unsecured loans, saying a denial of the request could result in bankruptcy. In the filing, the Hagerstown-based utility company asked for the go-ahead to borrow the money as part of the company's continuing efforts to avoid bankruptcy, spokeswoman Debbie Beck said. "Failure to receive authorization to engage in financing in accordance with the financing authority sought in this amendment could result in the bankruptcy of Allegheny and/or AE Supply," the company said in the filing.

scottb@herald-mail.com Allegheny Energy Inc. said Monday it might be forced to consider bankruptcy protection as an option if the Securities and Exchange Commission doesn't grant the company permission to raise new capital, spokeswoman Cynthia Shoop said. The Hagerstown-based company said its common equity ratio had fallen below 28 percent, the level required under the Public Utility Holding Company Act of 1935, Shoop said. The ratio measures the equity portion of a company's total capital structure.

scottb@herald-mail.com A U.S. Bankruptcy Court judge in Greenbelt, Md., on Thursday indicated he would probably approve a request by Role Models America Inc. to dismiss its Chapter 11 bankruptcy case, a Role Models attorney said Friday. During the Thursday hearing, Judge Paul Mannes asked representatives of PenMar and the Labor Department if they objected to Role Models ending its bankrupt status and they said they did not, Role Models attorney Ed Kimmel and PenMar Board President Brett Wilson said Thursday.

waynesboro@herald-mail.com WAYNESBORO, Pa. - Prompted by an increasing number of complaints, the Washington Township Supervisors are starting to enforce their ordinance governing junked cars and auto salvage yards, the township's zoning enforcement officer said Wednesday. Jerry Zeigler said the supervisors have been patient with scofflaws but now are ready to take action. One case is heading to court in June, and the township is keeping an eye on three other properties. A long-standing case against George "Billy" Nicholas of Blue Ridge Summit, Pa., is heading to Common Pleas Court June 3, Zeigler said.

Grove bankruptcy plan approved By RICHARD F. BELISLE / Staff Writer, Waynesboro SHADY GROVE, Pa. - The approval Monday of a Chapter 11 bankruptcy restructuring plan for Grove Worldwide "means good news for the community, our employees, customers and suppliers," said Jeffry D. Bust, company chairman and chief executive officer. continued Under the reorganization approved by the U.S. Bankruptcy court of the Middle District of Pennsylvania in Harrisburg, Grove will trade $379 million worth of debt for company stock, Bust said.