In re Eagle Creek Subdivision LLC

Ruling: 
Debtor-in-possession's continuation of primary real estate development financing approved but secondary financing with priming lien disapproved.
Procedural posture: 
Bankruptcy debtors-in-possession moved pursuant to 11 U.S.C.S. § 364(c)(1) for authorization to continue loan agreements with primary lenders to allow the debtors to complete their real estate development projects. The debtors also moved pursuant to § 364(d) for authorization to obtain postpetition secondary financing to fund operating costs.
Issue: 
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Commercial case opionion summary, case decided on July 10,2008, LexisNexis #1108-004