U.S. Bankruptcy Judge Catherine McEwen converted Savtira’s Chapter 11 filing, a voluntary effort to reorganize its finances, to a Chapter 7 case, or an involuntary liquidation.
Steen also showed McEwen two “letters of intent” for alternative funding. McEwen reviewed both, before pronouncing them “smoke and mirrors.” She also said the company lacked a game plan and had an “unsophisticated” approach. “Businesspeople should be smarter than this,” she said. “You’ve run out of time.”
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