LG. Philips Displays USA looks to convert case to Chapter 7 because it can't sell assets

By Caroline Salls

Pittsburgh, May 19 - LG. Philips Displays USA, Inc. requested court approval to convert its Chapter 11 bankruptcy case to Chapter 7 for liquidation, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

According to the motion, although the company filed for bankruptcy with the intention of selling substantially all of its assets, it appears it will be unable to do so.

As a result, the company said it believes that there is no reason to remain in Chapter 11 and that the residual issues in liquidating any remaining assets would be suitably accomplished by a Chapter 7 trustee.

The company said it believes that all unique issues surrounding its assets have been resolved and that liquidation and distribution are the primary duties left in its case.

A hearing is scheduled for May 25.

LG. Philips Displays USA, a San Diego-based producer of TV and computer monitor tubes, filed for bankruptcy on March 15. Its Chapter 11 case number is 06-10245.

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