- 11 U.S.C.
In re Northwest Timberline Enters.
Aug
24
2006
Ruling
Relief from stay granted to allow mortgage creditor to foreclose where proposed chapter 11 plan was unconfirmable and there was no reasonable chance of effective reorganization.
Procedural posture
Affiliated bankruptcy debtors, owners of separate gas stations/convenience stores, proposed a joint reorganization plan involving subordination of the lien of a secured creditor to obtain a new secured loan to pay property taxes, and repayment of the creditor's allowed secured claims in installments with interest. The creditor asserted that the plan was not feasible and moved for relief from the automatic bankruptcy stay.
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Court
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