Mississippi Phosphates U.S. Trustee seeks case conversion or dismissal

By Caroline Salls

Pittsburgh, March 4 – The U.S. Trustee for Mississippi Phosphates Corp.’s Chapter 11 bankruptcy case asked the U.S. Bankruptcy Court for the Southern District of Mississippi to either convert the case to Chapter 7 bankruptcy or dismiss it, according to a motion filed Friday.

Acting Region 5 U.S. trustee Henry G. Hobbs Jr. said the company closed the sale of substantially all of its assets in October.

“There are no hard or tangible assets left for the debtors to protect through these Chapter 11 cases,” Hobbs said in the motion.

“These Chapter 11 cases have been pending for over one year, but the debtors have not filed a disclosure statement and a confirmable plan of reorganization.”

Mississippi Phosphates, a Pascagoula, Miss., fertilizer company, filed for bankruptcy on Oct. 27, 2014. The Chapter 11 case number is 14-51667.

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