Judge OKs Envelope Maker's Move To Liquidate

Law360, New York (December 14, 2011, 3:25 PM EST) -- A Delaware bankruptcy judge on Monday approved envelope maker NEC Holdings Corp.'s request to convert its Chapter 11 case into a full liquidation.

U.S. Bankruptcy Judge Peter J. Walsh approved NEC's October request to liquidate the remainder of its assets, which the company said was necessary because it was quickly running out of cash to cover the remaining claims against it, including the cleanup of a New Jersey manufacturing site.

Those factors made the prospect of an orderly wind-down under Chapter 11 far-fetched, NEC said....
To view the full article, register now.