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The filing was made to facilitate the company's previously-announced plan to wind down its business operations and carry out an orderly disposition of its assets. According to Northfield, the decision to file was made after an exhaustive review of alternative options and is seen as the most favorable means for the company to continue its wind down process and liquidate its remaining assets for the benefit of its creditors and other parties in interest. The company expects to file with the bankruptcy court a liquidating plan and related disclosure statement. Northfield expects that it will seek approval of the plan as expeditiously as practicable pursuant to relevant notice requirements, the Bankruptcy Code and applicable law and procedures. The implementation of the plan is dependent upon a number of factors, including final documentation, the approval of a disclosure statement and confirmation and consummation of the plan in accordance with the provisions of the Bankruptcy Code. While the company believes that its current plan provides the best available alternative for its creditors and other parties in interest, the company will continue to consider alternatives that might lead to a greater recovery for the benefit of creditors and other parties in interest. http://www.datamonitor.com Republication or redistribution, including by framing or similar means, is expressly prohibited without prior written consent. Datamonitor shall not be liable for errors or delays in the content, or for any actions taken in reliance thereon For full details for NFLD click here.
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