Summit Global Trustee Seeks Ch. 7 Conversion

Law360, New York (October 21, 2008, 12:00 AM EDT) -- The U.S. trustee in Summit Global Logistics Inc.'s Chapter 11 case has filed a motion to convert the case to Chapter 7, citing the company's failures to form a creditors committee and file monthly reports, the absence of managing officers and the lead counsel’s requested withdrawal from the case.

The trustee said there was not a singular cause for the conversion and expressed doubt that the company would be able to successfully emerge from Chapter 11.

“Substantial losses, diminution of the estate and the absence of...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.