With No Deal Over $267M US Loan, Open Range Seeks Ch. 7

Law360, New York (February 7, 2012, 3:30 PM EST) -- Open Range Communications Inc. asked a Delaware court on Monday to convert its Chapter 11 case to Chapter 7, saying it was unlikely to have a reorganization plan resolving the Internet provider's potential claims against the U.S. Department of Agriculture over a $267 million loan.

Open Range sought permission to convert the bankruptcy case and appoint a Chapter 7 trustee who would liquidate what remains of the company’s assets. The move was prompted by the lack of a settlement between Open Range and the USDA’s Rural...
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