Steel Maker Looks To Liquidate

Law360, New York (August 3, 2006, 12:00 AM EDT) -- Galvex Holdings Ltd. has asked a bankruptcy court judge to dismiss its Chapter 11 case, or, at the very least, to convert it to a Chapter 7 liquidation.

In a motion filed Monday with the U.S. Bankruptcy Court in Manhattan, Galvex said that once the sale of its subsidiaries goes through, it “will have no assets, no source of income and no hope of reorganization.”

“It is now clear from the sale process that [Galvex] is administratively insolvent and [Galvex’] creditors and equity holders will not...
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