Ritz Camera Fails to Sell Business As Going Concern; Converts to Chapter 7

Ritz Camera & Image LLC’s motion to convert its Chapter 11 case to a Chapter 7 was granted Jan. 15 by the U.S. Bankruptcy Court for the District of Delaware (In re Ritz Camera & Image LLC, Bankr. D. Del., No. 12-11868 (KG)).

Judge Kevin Gross issued the order making the conversion effective as of Jan. 15, 2013, at 5:00 p.m. The debtors believe the conversion will facilitate the “patient and orderly liquidation of the remaining assets to maximize recoveries while reducing the continuing costs of the administration of [the] estates.”

Illiquid Assets Remaining.

Ritz filed for Chapter ...