National Wholesale Liquidators Switches To Ch. 7

Law360, New York (February 27, 2009, 12:00 AM EST) -- A bankruptcy judge has approved a bid by NWL Holdings Inc., the parent company of discount retail chain National Wholesale Liquidators, to convert its Chapter 11 case to liquidation proceedings under Chapter 7.

Judge Mary Walrath of the U.S. Bankruptcy Court for the District of Delaware granted NWL's emergency motion in an order Thursday, converting the case and barring the debtors from borrowing or otherwise obtaining credit under a $7 million debtor-in-possession loan approved in November.

NWL and its subsidiaries, which filed for bankruptcy under Chapter...
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