- 11 U.S.C.
In re RTJJ Inc.
Feb
06
2013
Ruling
Plan of debtor real estate company confirmed as reorganization was preferable to for creditors to a forced sale, which would depress property values.
Procedural posture
Debtor corporation filed a petition under chapter 11 of the Bankruptcy Code and asked the court to confirm its second amended bankruptcy plan. A bank that was the debtor's largest creditor filed an objection to the plan and asked the court for relief under 11 U.S.C.S. § 362(d) so it could foreclose on property the debtor owned. The court held a hearing on the debtor's request for confirmation and the motion for stay relief.
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Court
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