Judge Says Portrait Plan Is Picture Perfect

Law360, New York (July 12, 2007, 12:00 AM EDT) -- A bankruptcy judge has given the green light to Portrait Corp. of America Inc.'s reorganization plan, paving the way for it to complete the wind down of its business and end its almost year-long stay in Chapter 11.

Judge Adlai S. Hardin Jr. of the U.S. Bankruptcy Court for the Southern District of New York approved the plan on Wednesday.

Ocean Ridge Capital Advisors LLC will become the trustee to finish the liquidation of the portrait company.

“The plan is feasible,” the order said. “The debtors...
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