Portrait Corp. Emerges From Chapter 11

Law360, New York (July 18, 2007, 12:00 AM EDT) -- After being parked in bankruptcy for nearly a year, Portrait Corp. of America Inc. has exited Chapter 11 protection with the sale of its assets for $82.5 million, paving the way for it to complete the wind down of its business.

The company's reorganization plan – which was given the green light by Judge Adlai S. Hardin Jr. of the U.S. Bankruptcy Court for the Southern District of New York last week – went into effect at midnight on Tuesday, according to a confirmation order filed...
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