Ritz Camera Heads To Ch. 7 After Failing To Sell Assets

Law360, New York (January 15, 2013, 6:20 PM EST) -- A Delaware bankruptcy judge on Tuesday approved Ritz Camera & Image LLC’s conversion from a Chapter 11 case into a Chapter 7 bankruptcy, clearing the erstwhile camera giant to appoint a trustee to liquidate its remaining assets following its failed attempts to find a way back to solvency.

U.S. Bankruptcy Judge Kevin Gross issued an order approving the fallen specialty camera company’s unopposed motion to convert after a hearing in which he agreed with the debtors that Chapter 7 “would be the most cost-effective means to achieve the best outcome for creditors, in view of the illiquid nature of the remaining...

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