The long-running bankruptcy case of trucking firm Jevic Holding Corp. will convert to a chapter 7 liquidation after a Delaware judge denied approval Monday of the latest proposed settlement floated by the company and its creditors to dismiss the case, Law360 reported. During a teleconference in Wilmington, U.S. Bankruptcy Judge Brendan L. Shannon said all parties agree that there is no hope of ever confirming a chapter 11 plan and that opposition remained to the debtor’s and committee’s joint motion for a structured dismissal of the case. Read more. (Subscription required.)
Further analysis of Jevic’s conversion will be provided in tomorrow’s edition of Rochelle's Daily Wire.
