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Opus South bankruptcy case converted to Chapter 7 for liquidation
By Caroline Salls
Pittsburgh, Aug. 27 - Opus South Corp.'s Chapter 11 bankruptcy case was converted to Chapter 7 for liquidation Friday by the U.S. Bankruptcy Court for the District of Delaware.
The company said in the conversion motion that it does not have assets that would generate enough value to fund a plan process and pay claims.
As a result, the company said the case should be converted to allow a Chapter 7 trustee to use any remaining assets to prosecute any potential causes of action, liquidate remaining assets and make any available distribution to creditors.
Opus, an Atlanta-based design-build development firm, filed for bankruptcy on April 22, 2009. Its Chapter 11 case number is 09-11390.
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