Galvex Faces Opposition To Chapter 11 Dismissal

Law360, New York (February 15, 2006, 12:00 AM EST) -- Steel maker Galvex, which last week asked a bankruptcy court to dismiss its Chapter 11 proceedings, may not have the smooth exit it anticipated. U.S. Trustee Deirdre Martini has opposed the request, questioning the circumstances that would allow the dismissal of the bankruptcy.

Galvex, which filed for bankruptcy in January after defaulting on an $84 million loan, reached an agreement with its primary lender Silver Point Capital last week, asking that its case be thrown out as a result.

But Martini has argued that there are...
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