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Portrait Corp. of America obtains approval on sale of assets
By Reshmi Basu
New York, June 5 - Portrait Corp. of America received court approval on the $100 million sale of substantially all of its assets to Consumer Programs Inc., according to court documents filed with the U.S. Bankruptcy Court for the Southern District of New York.
The sale was approved Monday.
Portrait Corp. will transfer all property and assets not sold under its purchase agreement with CPI into a liquidation trust on the plan's effective date.
Portrait Corp. of America is a Matthews, N.C.-based portrait studio operator. It filed for bankruptcy on Aug. 31, 2006. Its Chapter 11 case number is 06-22541.
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