MatlinPatterson and his creditors clash over fund liquidation

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By Rick Archer (April 8, 2022, 6:17 p.m. EDT) – MatlinPatterson has hit back at an offer from foreign creditors to convert his case from Chapter 11 to Chapter 7, telling a New York bankruptcy judge on Friday that a company in difficulty investment funds had to be liquidated is not a sufficient reason to grant the request.

In a virtual hearing, litigation creditors told U.S. Bankruptcy Judge David Jones that a conversion from Chapter 11 bankruptcy to a Chapter 7 liquidation is appropriate because the fund is not being rehabilitated but instead seeks to exit and pay its investors, while MatlinPatterson said to settle disputes and allow…

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