Energy Investment Co.'s Bankruptcy Case Converted To Ch. 7

Law360, New York (May 1, 2013, 1:53 PM EDT) -- A New York bankruptcy judge on Wednesday converted Ampal-American Israel Corp.'s Chapter 11 bankruptcy to a Chapter 7 liquidation after determining that the energy investment holding company does not have sufficient cash to execute a reorganization plan.

U.S. Bankruptcy Judge Stuart M. Bernstein agreed with arguments made by Chapter 11 trustee Michael Luskin of Luskin Stern & Eisler LLP at a hearing Wednesday morning. Luskin told the judge that liquidating what few assets remain and consolidating the claims litigation process through a Chapter 7 trustee was...
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