A bankruptcy judge reportedly ruled Dr. Phil's Merit Street Media company assets will be converted to a Chapter 7 liquidation instead of Chapter 11.

‘This Chapter 11 case is an anomaly” since ‘there never has been a pretense of a rehabilitation or a reorganization’ of Merit Street, a bankruptcy judge said this week.

A bankruptcy judge reportedly ruled Dr. Phil's Merit Street Media company assets will be converted to a Chapter 7 liquidation instead of Chapter 11.