Creditors May Force LG.Philips Into Chapter 7

Law360, New York (April 28, 2006, 12:00 AM EDT) -- The troubled flat-screen television producer LG.Philips Displays USA Inc. took another blow on Wednesday when creditors threatened to have its case converted to a Chapter 7 bankruptcy liquidation if it failed to meet certain terms.

The creditors said LG.Philips should be denied cash collateral after the company requested to continue using it past its current deadline of April 30.

The creditors argued that unless it preserves the estate’s causes of action and rights while an investigation is conducted, permits a sale process to be conducted for...
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