Protected Vehicles creditors ask court to convert or dismiss Chapter 11 case

By Caroline Salls

Pittsburgh, Feb. 11 - Four Protected Vehicles, Inc. creditors have asked the U.S. Bankruptcy Court for the District of South Carolina to covert the company's Chapter 11 bankruptcy case to Chapter 7 for liquidation or to dismiss the case, according to a Monday court filing.

Creditors Four Rivers Peterbilt, Inc., Peterbilt of Savannah, Inc., Three-D Metal Works, Inc. and Charleston Aluminum, LLC said Protected Vehicles has not provided any evidence of financing, has not requested any court approval to use cash collateral and has not filed any other motions that suggest that there is potential for a viable reorganization.

In addition, the creditors said the company continues to delay the liquidation of its assets, and "unsecured creditors' chances of receiving any recovery will be diminished if the debtor is permitted to linger in Chapter 11 and incur administrative expenses."

The creditors also said the company does not deny that it is not paying its debts as they become due.

As previously reported, Protected Vehicles suspended its operations in early December.

Protected Vehicles, a North Charleston, S.C., designer and manufacturer of mine and ballistic protected vehicles, filed for bankruptcy on Feb. 5. Its Chapter 11 case number is 08-00738.

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