Cloud-based trading platform provider Liquid Holdings Group Inc. won approval from a bankruptcy judge on Friday to move forward with its case as it is in negotiations with an interested bidder, Dow Jones Daily Bankruptcy Review reported today. Liquid filed for bankruptcy protection on Wednesday, blaming a series of problems facing the company including securities-breach lawsuits, a Securities and Exchange Commission investigation, losing its largest customer and failing to file its financial statements for more than a year. The Hoboken, N.J.-based company hired an investment banker in October to sell the company, but was unable to find a buyer willing to do a deal outside of the bankruptcy process.
