Citibank Tries To Push Howrey Into Ch. 7

Law360, New York (September 16, 2011, 6:12 PM EDT) -- Citibank NA asked a California bankruptcy judge Friday to convert the Chapter 11 liquidation of Howrey LLP to Chapter 7 and require a trustee to oversee the wind-down, citing an impasse in negotiations between the now-dissolved law firm and its biggest creditor.

After allowing the firm to use about $5.8 million in cash collateral in June, Citibank says it is losing confidence in Howrey's ability to collect outstanding client bills, which would secure much of the $49 million the firm still owes the bank.

“Despite the...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Howrey LLP


Case Number

3:11-bk-31376

Court

California Northern

Nature of Suit

Date Filed

April 11, 2011

Law Firms

Companies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.