Judge Tosses Galvex Chapter 11 Case

Law360, New York (October 30, 2006, 12:00 AM EST) -- Galvex Capital LLC’s bankruptcy proceedings have officially been converted to Chapter 7, after a bankruptcy court judge signed an order dismissing the steel maker’s Chapter 11 case.

Galvex had petitioned for the dismissal of the Chapter 11 proceedings late in September, after the company successfully moved to convert the case to Chapter 7 and liquidate remaining assets.

The company had filed a motion arguing that remaining in Chapter 11 served no constructive purpose.

In the motion, Galvex argued that its sole remaining asset is its claim...
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