The U.S. Bankruptcy Court granted conditional approval to the motion to convert T3M’s Chapter 11 reorganization to a liquidation under Chapter 7 or, alternatively, to dismiss the case.
The order states, “If the Debtor does not file a sale procedures motion (the ‘Procedures Motion’) by 5:00 p.m. Pacific Time on September 21, 2017, the Debtor’s chapter 11 case shall be converted to a case under chapter 7 of the United States Bankruptcy Code without an opportunity for further argument or briefing and the UST shall appoint a chapter 7 trustee, provided, however that the UST and/or Lender Collections may request that such conversion not take place, which such request shall be considered by the Court If the Procedures Motion is timely filed, the Motions are continued and the Court shall hold a hearing to consider the Procedures Motion on September 28, 2017 at 1:30 p.m. Pacific Time.”
In addition, “The only issues to be considered at the hearing are whether the Procedures Motion should be granted and whether the Debtor has cured its UST quarterly fee delinquency. c. If the Procedures Motion is granted, the conversion of the Debtor’s chapter 11 case shall be suspended pending a further order of the Court which may be specified in connection with the hearing on the Procedures Motion, or at such later date as specified by the Court; and d. If the Procedures Motion is denied, absent a request to the contrary from the UST and/or Lender Collections, the Debtor’s chapter 11 case shall be converted forthwith to a case under chapter 7, and the UST shall appoint a chapter 7 trustee.”
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