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Business news in brief

In the Region

Trump exits bankruptcy

Trump Entertainment Resorts Inc. said Friday that it had emerged from Chapter 11 reorganization. The New Jersey Casino Control Commission on Wednesday unanimously approved a plan that the company, its bondholders, and Donald J. Trump had submitted for the struggling casino firm to exit its third bankruptcy. The same plan had prevailed in U.S. Bankruptcy Court earlier this year over one put forth by billionaire Carl Icahn. Under the exit plan, $225 million of new equity will be injected into the company by its new owners - led by Avenue Capital Group of New York - including $125 million for debt repayment and $100 million toward capital expenditures and other costs. Additionally, Trump Entertainment will be able to retain the Trump brand for its three Atlantic City casinos - Trump Taj Mahal, Trump Plaza, and Trump Marina. - Suzette Parmley

Aetna raises number in files matter

Aetna Inc. said Friday that more customers' personal information had been left in a file cabinet the insurer was disposing of as part of an office move. On June 30, the company said paper files containing Social Security numbers and other personal data of 4,900 people from Pennsylvania and New Jersey were left in the file cabinet. On Friday, Aetna said that, after checking its documents, it determined that the records of 7,250 were in the cabinet. The Hartford, Conn., company said that the files were returned, and that it had no reason to believe the information was or would be misused. Aetna said it was offering free credit monitoring to any of the affected individuals. - Jane M. Von Bergen

Quaker Chemical buys unit

Quaker Chemical Corp., Conshohocken, said it bought the aluminum hot rolling oil business of Houghton International Inc., Valley Forge. Terms were not announced, but the acquired unit had sales of $7 million last year. The business provides chemicals to help manufacturers assure good surface quality for aluminum sheets. - Paul Schweizer

Higher profit for Knoll

Shares of Knoll Inc. were up Friday after the Montgomery County maker of office furniture posted second-quarter earnings that beat analysts' expectations. Net sales for the quarter ended June 30 were down 4.9 percent from a year ago, to $192.3 million, but net income was up 7.4 percent, to $8.7 million. Earnings per share, predicted by analysts at 11 cents a share, came in at 19 cents, up 1 cent from the comparable period. - Roslyn Rudolph

Fund exercises control of condos

Rittenhouse Pension Investors L.L.C., a subsidiary of the Delaware Valley Real Estate Investment Fund, exercised its ownership interest in 10 Rittenhouse Square, the luxury condo/retail complex at 18th and Walnut Streets. The fund, backed by pensions of 47,000 Philadelphia union members, mostly in the building trades, provided developers ARCWheeler $57 million in mezzanine financing to finish the $300 million, 33-story, 135-unit project. Rittenhouse Pension will assume "financial and operational control" of the building, said Thomas A. Leonard, chairman of the real estate investment fund. - Alan J. Heavens

Delaware jobless rate declines

Delaware's unemployment rate fell in June to 8.5 percent from 8.8 percent in May, the state's Department of Labor said. The number of unemployed state residents dropped by 1,000 to 36,300, while employment fell by 300 to 388,500. The jobless rate was well below June's national level of 9.5 percent. - Paul Schweizer

Elsewhere

AIG agrees to $725M settlement

American International Group Inc. and some of its directors and officers have agreed to a $725 million settlement to resolve allegations of wide-ranging fraud laid out in a class-action suit led by three Ohio pension funds. Ohio Attorney General Richard Cordray said the latest figure would combine with previous AIG settlements to pay about $1 billion to investors, including firefighters, teachers, librarians, and other pensioners. He characterized it as the 10th-largest settlement of its kind in the United States. - AP

Banks closed in three states

Regulators have shut down three banks in Florida, two in South Carolina, and one in Michigan, bringing to 96 the number of U.S. banks to succumb this year to the recession and mounting loan defaults.

The Federal Deposit Insurance Corp. on Friday took over the banks: Woodlands Bank, Bluffton, S.C.; First National Bank of the South, Spartanburg, S.C.; Miami-based Metro Bank of Dade County; Turnberry Bank, Aventura, Fla.; Olde Cypress Community Bank, Clewiston, Fla.; and Mainstreet Savings Bank, Hastings, Mich. By this time last year, regulators had closed 57 banks. - AP

Free cases for problem iPhones

Apple Inc. will give free protective cases to buyers of its latest iPhone to alleviate the "death grip" problem in which holding the phone with a bare hand can muffle the wireless signal. Apple CEO Steve Jobs announced the giveaway Friday during a news conference at the company's headquarters, even as the company denied that the iPhone 4 has an antenna problem that needs fixing. The more than three million people who have already bought the iPhone 4 and new buyers through Sept. 30 will be eligible. People who already bought the $29 "Bumper" cases will receive refunds. - AP