Skinner Ch. 11 Must Convert To Ch. 7: Judge

Law360, New York (May 28, 2009, 12:00 AM EDT) -- Asserting that the proposal is the result of collusion, a judge has rejected a Chapter 11 exit plan for Skinner Engine Co. calling for the company’s liability insurers to fund asbestos settlements and has ordered that the case be converted to Chapter 7.

Judge. M. Bruce McCullough issued an order Wednesday in the U.S. Bankruptcy Court for the Western District of Pennsylvania stating that the plan for defunct Skinner and its affiliate American Capital Equipment Inc. was made in bad faith and put the estate under...
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