According to the U.S. Bankruptcy Court docket, USA Synthetic Fuel filed with the U.S. Bankruptcy Court a motion to convert its Chapter 11 case to a case under Chapter 7.
The motion explains, “Given that the Debtors (i) have sold all of their assets of any meaningful value, (ii) have no business operations, and (iii) do not have the resources necessary to propose and confirm a chapter 11 plan, the Debtors submit that conversion of these cases to cases under chapter 7 of the Bankruptcy Code is necessary and appropriate in addition to the reasons articulated under section 1112(a). Stated differently, there is no reasonable prospect that the Debtors can successfully rehabilitate. Further, if the Debtors remain in chapter 11, they will incur additional administrative expenses without concomitant benefit to their estates. Under the particular circumstances, the Debtors respectfully submit that the interests of all stakeholders would best be served by converting these cases to cases under chapter 7 of the Bankruptcy Code.” The Court scheduled a September 29, 2015 hearing to consider the motion with objections due by August 27, 2015.
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