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Judge converts Clini-Therm bankruptcy to Ch. 7 liquidation
After failing to find investors to save it from liquidation, a bankruptcy judge on Monday approved a motion to convert Clini-Therm Corp.'s reorganization filing to Chapter 7.
The motion was filed by Quest Medical Inc. in December after a soured merger attempt between the two Dallas-based medical products companies. Quest earlier had agreed to finance Clini-Therm through a pre-packaged Chapter 11 reorganization plan, but severed ties with the financially-troubled maker of hyperthermia equipment when Quest executives learned that Clini-Therm had canceled its product liability insurance policy shortly …