Law360, New York (September 16, 2011, 6:12 PM ET) -- Citibank NA asked a California bankruptcy judge Friday to convert the Chapter 11 liquidation of Howrey LLP to Chapter 7 and require a trustee to oversee the wind-down, citing an impasse in negotiations between the now-dissolved law firm and its biggest creditor.
After allowing the firm to use about $5.8 million in cash collateral in June, Citibank says it is losing confidence in Howrey's ability to collect outstanding client bills, which would secure much of the $49 million the firm still owes the bank.
“Despite the...
Citibank Tries To Push Howrey Into Ch. 7
To view the full article, take a free trial now.
