Indiana Limestone dismissal of Chapter 11 bankruptcy case approved

By Kali Hays

New York, Sept 26 – Victor Oolitic Stone Co., which does business as Indiana Limestone Co., won a dismissal of its Chapter 11 bankruptcy case, according to a Friday order with the U.S. Bankruptcy Court for the District of Delaware.

The order authorized the company to “wind up and/or dissolve as corporate entities without the approval of a board of directors, shareholders or any other party.”

As previously reported, since the completion of its $26 million asset sale to Indiana Commercial Finance in May, the company said it has no remaining assets or operations, leaving nothing to reorganize or liquidate.

“The only valuable asset remaining in the debtors’ estates is a limited amount of cash that is budgeted exclusively for the wind down of the Chapter 11 cases,” the motion stated.

The company said it has no remaining disputes, pending claims or employees, and with no assets “there is no prospect of confirming a plan of reorganization.”

Victor Oolitic Stone, an Oolitic, Ind.-based limestone quarry owner, filed bankruptcy on Feb. 17, 2014. The Chapter 11 case number is 14-10311.

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