Matlack Systems, once one of the nation's largest tanker carriers, will probably file a liquidation plan next month.

According to published reports, a Delaware judge has approved a request to extend the deadline to file a plan, the fourth extension in 12 months.
The Wilmington, Del., company filed for Chapter 11 bankruptcy a year ago, hoping to reorganize. Those hopes were looking less likely by Sept. 1, when Matlack ceased operations.
The Daily Deal this week reported that Matlack filed a motion saying it had determined that reorganizing the business is not an option. Out of $105.3 million in assets listed in its bankruptcy petition, the company has completed or has motions pending for the sale of assets totaling $44.3 million, according to the Deal.

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