Housing-Materials Maker Jancor Tumbles Toward Ch. 7

Law360, New York (January 22, 2009, 12:00 AM EST) -- With PNC Bank NA refusing to again extend deadlines for its loans, construction-product manufacturer Jancor Cos. Inc. has been forced to liquidate and is urging the court to convert its reorganization to a Chapter 7 proceeding.

In an emergency motion, filed Wednesday in the U.S. Bankruptcy Court for the District of Delaware, the debtors revealed they have no source of funds now that the final maturity date for the debtor-in-possession facility has conclusively passed.

Jancor requested the “immediate conversion” of the Chapter 11 cases to Chapter...
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