American Laser Wants Ch. 11 Converted To Ch. 7

Law360, New York (October 24, 2012, 1:26 PM EDT) -- Laser hair-removal chain American Laser Centers LLC on Tuesday asked a Delaware bankruptcy judge to convert its Chapter 11 bankruptcy to a Chapter 7, saying it did not have the money to fund a Chapter 11 reorganization plan.

American Laser said in a motion that after it was bought out in January by private equity lender Versa Capital Management LLC,  the company liquidated most of its assets and started to wind down its operations, leaving little money to fund a Chapter 11 bankruptcy.

“With the closing...
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