Broadstripe Capital Heads To Liquidation From Ch. 11

Law360, New York (March 16, 2012, 5:40 PM EDT) -- A Delaware bankruptcy judge on Friday approved Broadstripe Capital LLC's request to convert its Chapter 11 bankruptcy proceedings to Chapter 7, allowing the bankrupt cable provider to liquidate.

U.S. Bankruptcy Judge Christoper Sontchi granted Broadstripe Capital's Feb. 22 motion, saying the conversion would benefit all parties in the bankruptcy.

“The court finds that the relief requested in the motion is in the best interest of the debtor and its estate and creditors,” the judge said.

Judge Sontchi also said the motion had shown Broadstripe Capital had a sound business purpose and justification for the request.

The company's bankruptcy plan was approved...

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