Former TallyGenicom seeks dismissal of Chapter 11 case

By Angela McDaniels

Tacoma, Wash., Oct. 26 - Printing Solutions LP, formerly TallyGenicom LP, asked the U.S. Bankruptcy Court for the District of Delaware to dismiss its Chapter 11 case and grant relief to the company, according to Friday court filing.

The company has sold most of its assets and is focused on winding down its operations. It said that considering its limited resources and that substantially all of the few remaining assets are encumbered by liens, Printing Solutions believes the remaining assets are either burdensome to the estate or of inconsequential value and benefit.

The proceeds of the asset sales are not enough to satisfy all of the remaining obligations under the company's debtor-in-possession facility, the filing noted.

Considering these factors, the company said there is no realistic possibility that it will be able to confirm a plan of reorganization and that, absent a dismissal, the estate will incur postpetition losses for which no funding is available.

Printing Solutions, a Chantilly, Va., provider of printing solutions, filed for bankruptcy on Jan. 29, 2009. Its Chapter 11 case number is 09-10266.

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