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BioNitrogen Holdings Bankruptcy Dismissal Sought

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BioNitrogen Holdings filed with the U.S. Bankruptcy Court a motion to dismiss its jointly administered cases.

The motion explains, “Given that there is no immediate possibility of reorganization and no assets or causes of action that would justify a conversion to Chapter 7, the Debtors respectfully request that the Court enter an order dismissing these chapter 11 cases. Under section 1112(b) of the Bankruptcy Code, the Court shall dismiss a chapter 11 case ‘for cause’ if it is in the best interests of creditors and the estate. As of the date herein, the Debtors are holding the sum of approximately $154,000 in their Debtor in Possession Account.”

In addition, “The Debtors (with the agreement of its professionals, and its largest creditors, Annon and the City of Perry) intend to disburse the balance in its Debtor in Possession Accounts (after payment of U.S. Trustee fees) to its Court- approved professionals to: (a) reimburse the professionals for their respective unpaid expenses; and (b) to the extent any funds remain after payment of expenses in full, pro rata to each on account of unpaid fees.”

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The post BioNitrogen Holdings Bankruptcy Dismissal Sought appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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