In re Stoney Creek Techs. LLC
Mar
19
2007
Ruling
Authority for secured postpetition financing denied due to lack of adequate protection for creditors or realistic prospects for successful reorganization.
Procedural posture
All of a bankruptcy debtor's assets were subject to an unchallenged lien of a creditor, and the debtor proposed to obtain a loan to finance its continued operations and provide the new lender with a priority lien. The debtor moved for authority pursuant to 11 U.S.C. § 364(d) to obtain secured postpetition financing, and the creditor objected to the motion.
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Court
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