Indalex Creditors Win Ch. 7 Conversion Bid

Law360, New York (October 19, 2009, 2:47 PM EDT) -- Indalex Holdings Finance Inc.'s unsecured creditors have persuaded a judge that converting the company's bankruptcy case from Chapter 11 to Chapter 7 provides the only way to derive potential value for the benefit of creditors.

In an order Thursday, Judge Peter Walsh of the U.S. Bankruptcy Court for the District of Delaware granted the committee's bid to convert the case to Chapter 7 liquidation status, authorizing the debtors to obtain post-petition financing and to utilize cash collateral.

The conversion order will be effective as of Oct....
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