Galvex Abandons Plan For Chapter 11 Dismissal

Law360, New York (February 17, 2006, 12:00 AM EST) -- In the face of strong opposition, embattled steel maker Galvex has withdrawn its request to dismiss Chapter 11 proceedings, retreating from the motion it filed two weeks ago.

The request drew fire almost immediately from U.S. Trustee Deirdre Martini, who last week questioned 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...
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