In re YL West 87th Holdings LLC
Jan
13
2010
Ruling
Creditor granted relief from stay to foreclose where property was valued at less than total debt and postpetition financing was not feasible.
Procedural posture
Debtor filed a petition under chapter 11 of the Bankruptcy Code, and a Delaware limited partnership filed a motion seeking an order under 11 U.S.C.S. § 362(d) and Fed. R. Bankr. P. 4001 and 9014 which granted relief from the automatic stay so it could enforce a security interest it held in real property. The debtor opposed the partnership's motion and asked the court for permission to obtain postpetition financing pursuant to 11 U.S.C.S. § 364.
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Court
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