Jancor Spirals Into Ch. 7

Law360, New York (January 28, 2009, 12:00 AM EST) -- With post-petition loan deadlines expired and no alternative financing available for Jancor Cos. Inc., the bankruptcy court has authorized the conversion of the construction-products maker's bankruptcy to a Chapter 7 proceeding.

Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware signed the conversion order on Jan. 22 after PNC Bank NA, Jancor’s lender, endorsed the move, agreeing that Chapter 7 “is in the best interest of the debtors’ estates, their creditors and other parties in interest,” the order said.

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