Alabama Aircraft's Ch. 7 Conversion Approved

Law360, Wilmington (November 3, 2011, 7:02 PM EDT) -- Cut off from using its lenders’ cash collateral and burdened with more than $1 million in unpaid administrative expenses, Alabama Aircraft Industries won a Delaware bankruptcy court's permission on Thursday to convert its Chapter 11 case to Chapter 7.

U.S. Bankruptcy Judge Peter J. Walsh approved the conversion motion, appointing Charles M. Forman of Forman Holt Eliades & Ravin LLC to serve as trustee.

In September, Alabama Aircraft sold its assets to an affiliate of Kaiser Group Holdings Inc. for $500,000 and up to $30 million...
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