Anchor Blue Switches To Ch. 7 Liquidation

Law360, New York (April 1, 2011, 4:46 PM EDT) -- A Delaware bankruptcy court on Wednesday converted clothing retailer Anchor Blue Holding Corp.'s reorganization to a Chapter 7 liquidation.

Anchor and its affiliated debtors used all the assets from a recent fire sale to pay secured lenders and now lack the resources to complete their Chapter 11 proceedings, the company said in a motion filed March 11 in the U.S. Bankruptcy Court for the District of Delaware.

“The debtors have determined, in their business judgment, that it is in the best interest of their estates to...
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