The U.S. Trustee assigned to the STW Resources Holding case filed with the U.S. Bankruptcy Court a motion to dismiss the case or, in the alternative, to convert the Chapter 11 reorganization to a liquidation under Chapter 7.
The Trustee explains, “As of the date of the filing of this Motion, the Debtor has filed no plan or disclosure statement. The extended exclusivity period has expired. Consequently, the Debtor has not prosecuted this case in a manner consistent with a reorganization purpose and appears unable to propose or confirm a plan. The Debtor also has the following administrative deficiencies: (a) failure to file its monthly operating reports for January 2017 and February 2017 and (b) failure to provide a copy of its 2015 tax return to the United States Trustee.”
In addition, “Accordingly, the United States Trustee requests that the Court enter an order dismissing or, in the alternative, converting this case to a case under chapter 7.” The Court scheduled a May 4, 2017 hearing to consider converting or dismissing STW Resources Holdings’ proceeding.
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