Ampal Trustee Wants To Convert Bankruptcy To Ch. 7
By Maria Chutchian
Law360, New York (April 19, 2013, 6:41 PM ET) -- The Chapter 11 trustee for Ampal-American Israel Corp., which invests in energy and other industries, said Friday that the company’s bankruptcy should either be converted into a Chapter 7 liquidation or be dismissed because it doesn't have enough cash to see a reorganization through.
Trustee Michael Luskin of Luskin Stern & Eisler LLP said in a court filing that Ampal has accrued about $4.5 million in administrative expenses, most of which are professionals’ fees, and no feasible prospects for raising enough exit financing to complete the...