US Trustee Says Outer Harbor's Case Approaching Insolvency

Law360, Wilmington (July 14, 2017, 6:24 PM EDT) -- The federal bankruptcy watchdog asked a Delaware judge Friday to convert the Chapter 11 case of port operator Outer Harbor Terminal LLC to a Chapter 7 liquidation, saying the company is no longer operating and has no hopes of resuming its business.

In the motion, trustee's representative Benjamin Hackman said Outer Harbor has sold its assets and terminated its contracts with the Port of Oakland but is still incurring administrative expenses without any source of revenue, leading to a diminution of the estate and the foreclosure...
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