Galvex Chapter 11 case converted to Chapter 7

By Caroline Salls

Pittsburgh, Aug. 31 - Galvex Holdings Ltd.'s Chapter 11 bankruptcy case was converted to Chapter 7 for liquidation, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

According to the order, the company "is administratively insolvent and has no reasonable likelihood of rehabilitation."

On July 31, Galvex asked the court to either dismiss its Chapter 11 case or convert it to Chapter 7.

According to the motion, the sale of substantially all of its assets left the company administratively insolvent.

Upon completion of the sale, Galvex said it will have "no assets, no source of income, and no hope of reorganization."

Galvex, a New York-based metals company, filed for bankruptcy on Jan. 17, 2006. Its Chapter 11 case number is 06-10082.

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