Portrait Co.'s Trustee Gets Green Light For Ch. 7 Auction

Law360, Wilmington (May 31, 2013, 10:12 PM EDT) -- A Delaware bankruptcy judge on Friday gave the green light for photography portrait studio operator CPI Corp.'s Chapter 7 trustee to hire a logistics firm to gather its equipment from more than 2,000 locations and sell it in a liquidation auction with a $3.3 million stalking horse. 

The sale plan includes the stalking horse bid from Lifetouch Portrait Studios Inc., and CPI also obtained a post-petition loan from Bank of America to pay Logistics International LLC $1.5 million to go to Sears, Toys R Us, Walmart...
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