UBiome's Ch. 7 Case Conversion Approved In Del.
Law360, Wilmington (October 10, 2019, 6:09 PM EDT) -- Fecal testing firm uBiome Inc. received court approval Thursday in Delaware for its request to convert its bankruptcy case to a Chapter 7 liquidation after its post-petition funding fell through in the face of creditor objections.
During a hearing in Wilmington, debtor attorney Joseph M. Mulvihill of Young Conaway Stargatt & Taylor LLP said that in the week since the company last appeared before the court, it has taken steps to wind down its operations and tie up loose ends, but its cash constraints still required conversion.
“The debtors believe conversion is in the best interests of the estate because it...
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