CFM looks to convert case to Chapter 7 bankruptcy after cash collateral use expires

By Caroline Salls

Pittsburgh, Feb. 9 - CFM U.S. Corp. has asked the U.S. Bankruptcy Court for the District of Delaware to convert its Chapter 11 bankruptcy case to Chapter 7, which is used for liquidation, effective immediately, according to a Friday court filing.

CFM said its right to consensual use of the cash collateral of the Ontario Teachers Pension Plan Board expired on Feb. 6, leaving the company with no source of funds to continue in Chapter 11 bankruptcy.

The company said it has also liquidated substantially all of its tangible assets.

A hearing is scheduled for Feb. 18.

Based in Huntington, Ind., CFM designs, develops, manufactures and distributes hearth and heating products. The company filed for bankruptcy on April 9, 2008. Its Chapter 11 case number is 08-10668.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.