- 11 U.S.C.
Lurgi Inc. v. Northeast Biofuels LP (Northeast Biofuels LP)
Mar
21
2009
Ruling
Court refused to enjoin debtor from drawing down on irrevocable standby letter of credit.
Procedural posture
Plaintiff contractor sued defendant debtor, creditor, and issuer, seeking to enjoin them from taking any action to draw down on an irrevocable standby letter of credit issued to the contractor. Alternatively, the contractor sought to segregate and escrow the letter of credit proceeds and declare that the creditor's security interest did not attach, or the allowance of its super-priority or general administrative expense claims.
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Court
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