- 11 U.S.C.
In re Grogan
Apr
26
2013
Ruling
Confirmation of plan denied due to proposed use of cash collateral without adequate protection for secured creditor.
Procedural posture
Debtors filed a petition under chapter 11 of the Bankruptcy Code and operated a Christmas tree farming business they owned as debtors-in-possession. The debtors proposed a plan for reorganizing their business and paying their creditors, and a creditor that held secured notes totaling $7 million filed an objection to the debtors' plan. The court held a hearing on the debtors' plan and the creditor's objection.
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Court
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