Ampal Creditors, CEO Back Trustee's Bid To Liquidate

Law360, New York (April 30, 2013, 5:33 PM EDT) -- Ampal-American Israel Corp.’s unsecured creditors and owner have both backed its Chapter 11 trustee’s bid to convert the case to a Chapter 7 liquidation following months of bickering over how the energy investment company's bankruptcy should be handled.

Chapter 11 Trustee Michael Luskin of Luskin Stern & Eisler LLP proposed that the energy investment company either switch to Chapter 7 or dismiss the case entirely a of couple weeks ago, saying Ampal does not have enough cash to see a reorganization through to the end....
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