[movermike] movermike: Levitz unsecured creditors push Chapter 7 liquidation

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Posted by movermike:
Levitz unsecured creditors push Chapter 7 liquidation
http://www.movermike.com/posts/1195665577.shtml


   [1]FURNITURE Today reportd that unsecured creditors want Levitz to
   file for Chapter 7 bankruptcy.

     In a document filed this week, the committee said the fast-track
     bidding procedure Levitz proposed under its Chapter 11 filing
     earlier this month would benefit only the retailerâs pre-petition
     lenders â General Electric Capital Corp., owed $42 million, and
     possibly YA Global Investments, or Yorkville, owed $22 million.

     A Chapter 7 liquidation, the committee said, would keep certain
     assets clear for distribution to other creditors.

   The unsecured creditors are afraid most everything would go to GECC
   and YA Global leaving nothing to the unsecured creditors.

   A hearing on the bidding procedures is scheduled for today.

   [2]Levitz [3]Bankruptcy [4]Mover Mike

References

   1. http://www.furnituretoday.com/article/CA6504424.html?industryid=23169&industry=Headline+News&nid=2373
   2. http://technorati.com/tag/Levitz
   3. http://technorati.com/tag/Bankruptcy
   4. http://technorati.com/tag/Mover+Mike