The United States Trustee for Region 12 filed a motion on Tuesday in which it asked the Minnesota bankruptcy court to either dismiss or convert to chapter 7 the bankruptcy cases of Duke and King Acquisition Corp. and four affiliated companies (Duke and King Missouri, LLC; Duke and King Missouri Holdings, Inc.; Duke and King Real Estate, LLC; and Duke and King Florida Holdings, Inc.). The companies, which operated approximately 87 Burger King franchises in six states, filed for chapter 11 protection in December 2010. The companies have received authority to sell the franchises from the bankruptcy court and the U.S. Trustee's motion states that "at the time this motion is heard, the Debtors will have closed on the sale of the restaurants and will have no further business operations, but instead will be left with relatively little furniture, fixtures and equipment to liquidate."
Tuesday's motion asks the bankruptcy court to either convert the cases to chapter 7 liquidations or to dismiss the bankruptcy cases, although the U.S. Trustee states that its preference is for the bankruptcy cases to be converted. In support of the request, the motion asserts two separate grounds for conversion.
For more details of the U.S. Trustee's motion, please read the attached article or visit our blog at: http://blog.ch11cases.com/2011/05/us-trustee-asks-court-to-convert-or.html#axzz1Ni5JRsUT
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Bankruptcy Updates, Franchise Law Updates, Commercial Real Estate Updates
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