Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11

Sport-Haley Holdings Case Converted

The U.S. Bankruptcy Court entered an order converting Sport-Haley Holdings' (aka Chromcraft Revington) Chapter 11 reorganization to a liquidation under Chapter 7. The U.S. Trustee assigned to the case sought the conversion on May 29, 2015, arguing, "The Debtors themselves have stated that they do not oppose the filing of this motion. While the Debtors wish to explore alternative post-petition financing during the next few weeks, in the event that they are unable to find a lender willing to lend, the Debtors' counsel represented to the Court that the Debtors likely will not contest this motion. The DIP Lender and Tate County, Mississippi stated on the record at the status conference held on May 26, 2015, that they support, or will not object to, conversion of these cases. Conversion is more appropriate in this case as the Debtors are no longer operating, and a Chapter 7 Trustee can market and sell the remaining assets of the Debtors and provide the best recovery to creditors of the estates. On these facts, it appears that conversion would be in the best interests of creditors.' This golf apparel manufacturer and marketer filed for Chapter 11 protection on March 5, 2015, listing $5 million in pre-petition assets.

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