Pappas Wins Fight To Toss Bankruptcy

Law360, New York (June 4, 2010, 6:20 PM EDT) -- A bankruptcy judge has granted a bid by Pappas Telecasting Cos., its unsecured creditors and the Chapter 11 trustee in the case to dismiss the bankruptcy and distribute the proceeds from Pappas' asset sale through a settlement.

The ruling Friday by Judge Peter J. Walsh of the U.S. Bankruptcy Court for the District of Delaware came despite an objection by the U.S. trustee that the company and its creditors were trying to circumvent the bankruptcy process.

Instead, the judge signed off on a request by Chapter...
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