MetaMorphix Seeks To Convert Case To Ch. 7

Law360, New York (March 21, 2011, 7:45 PM EDT) -- Following the sale of its assets to noteholders for a $6 million credit bid, MetaMorphix Inc. on Friday asked a Delaware bankruptcy court to convert its Chapter 11 case into a Chapter 7 liquidation proceeding.

The biotechnology company and its MMI Genomics Inc. unit said following Friday’s closing of the sale to Branhaven LLC, which is the collateral agent for noteholders owed $34 million, that the debtors had no assets left to facilitate a Chapter 11 reorganization in the U.S. Bankruptcy Court for the District of...
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