Portrait’s Creditors Vouch For Assets Sale

Law360, New York (May 22, 2007, 12:00 AM EDT) -- Unsecured creditors of Portrait Corp. of America Inc. have thrown their support behind the bankrupt photography company’s bid to sell off its assets to Consumer Programs Inc. for $100 million, saying it is a “significant business opportunity” that is in the best interests of the debtors.

In court documents filed Monday, the official committee of unsecured creditors said the proceeds and assumed liabilities from the proposed sale would “unarguably” result in a more significant monetary recovery for unsecured creditors than the warrants provided for under PCA’s...
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