The U.S. Bankruptcy Court issued an order converting PFO Global’s Chapter 11 reorganization to a liquidation under Chapter 7.
The order states, “As the Chapter 11 Trustee is no longer attempting to pursue confirmation of a plan based upon a merger and/or sale of the Debtor’s corporate shell and the Court having already determined that conversion to chapter 7 is appropriate pursuant to 11 U.S.C. Section 1112(b). It Is Therefore Ordered that the above-referenced jointly administered bankruptcy cases are hereby CONVERTED.” This prescription lens manufacturer filed for Chapter 11 protection on January 31, 2017, listing $1.9 million in pre-petition assets.
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