Paper Source Inc. asked to dismiss its Chapter 11 case, saying that completing its wind-down process outside of bankruptcy will preserve more value for creditors.
The Chicago-based stationery retailer has accomplished the main goals of its bankruptcy: reworking its leases and selling its business as a going concern. But the company still owes creditors tens of millions of dollars, it said Tuesday in a filing with the U.S. Bankruptcy Court for the Eastern District of Virginia.
The most efficient and cost-effective solution is to distribute remaining cash to creditors in line with the terms of an asset purchase agreement with ...
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