Malden Mills Seeks Chapter 7 After $44M Sale

Law360, New York (March 9, 2007, 12:00 AM EST) -- Malden Mills Industries Inc., the bankrupt fleece manufacturer, has asked a Massachusetts judge to convert its Chapter 11 case to a Chapter 7 proceeding, setting the stage for a final wind-down after selling its assets for $44 million.

In a document filed March 7, Malden’s attorneys with Kramer Levin LLP told Judge Joel B. Rosenthal that the conversion would ease problems linked to the company’s liquidation negotiations with creditor General Electric Capital Corp.

Malden Mills agreed in February to sell the bulk of its assets to...
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