LG.Philips Asks Court For Permission To Liquidate

Law360, New York (May 19, 2006, 12:00 AM EDT) -- Troubled CRT television producer LG.Philips Displays USA has asked for court permission to convert its bankruptcy case from a Chapter 11 to a Chapter 7 liquidation after failing to find a buyer for its assets.

LG.Philips said in court documents that despite its efforts, it will be unable to sell its assets and therefore believes there is no purpose to remain in Chapter 11.

Near the end of its attempts to bring itself out of Chapter 11, the Denver-based company’s only production facility was located in...
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