L.G. Philips' chapter 11 case converted to chapter 7

By Jennifer Lanning Drey

Eugene, Ore., May 25, 2006 - L.G. Philips Displays USA, Inc.'s Chapter 11 case was converted to a Chapter 7 proceeding by the U.S. Bankruptcy Court for the District of Delaware in a hearing on Thursday, according to an attorney familiar with the case.

The chapter 7 proceeding will begin Friday.

L.G. Philips requested that the case be converted to Chapter 7 from Chapter 11 in a motion saying that the company had filed for bankruptcy with the intention of selling substantially all of its assets, but realized it was unlikely that it would be able to do so.

The company said in the motion that, as a result, there was 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.

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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