FSO Jones LLC’s bankruptcy case was dismissed after the company’s distributions rights for a Gerard Butler disaster movie sequel were sold, allowing all creditors to be paid in full.
Judge Meredith S. Grabill of the U.S. Bankruptcy Court for the Eastern District of Louisiana approved the case dismissal, and the assumption and assignment of distribution agreements to an affiliate of the Najafi Companies, following a hearing Thursday.
“It does not make sense to force a plan process,” Grabill said at the hearing. “The bankruptcy purpose is being achieved here” by the dismissal, she said.
The sale of the debtor’s distribution ...