By Humberto J. Rocha (April 1, 2022, 8:17 p.m. EDT) – A Delaware bankruptcy court has converted water contractor Team Systems International LLC’s Chapter 11 bankruptcy to a Chapter 7 liquidation, finding that it had failed to act in good faith during the district court and bankruptcy proceedings.
In an opinion issued Wednesday, U.S. Bankruptcy Judge Craig T. Goldblatt sided with the contractor’s two suppliers, GPDEV LLC and Simons Exploration Inc., and the U.S. trustee’s bid to reject or convert the bankruptcy case. The judge opted for the latter, finding that TSI and its members had engaged in questionable conduct in the bankruptcy case and related litigation in federal court in Florida….
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