NetVersant Gets Green Light To Convert To Ch. 7

Law360, New York (May 4, 2009, 12:00 AM EDT) -- Unable to fund an exit plan and continue as a going concern, bankrupt NetVersant Solutions Inc. has been given the go-ahead to convert its Chapter 11 case to a Chapter 7 proceeding.

Judge Peter J. Walsh of the U.S. Bankruptcy Court for the District of Delaware issued an order Thursday approving NetVersant's request for conversion. A Chapter 7 trustee was appointed Friday.

The Houston-based network infrastructure company sought to convert to Chapter 7 in a motion March 31, saying it had insufficient resources to fund its...
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