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Bankruptcy Keyed to Bussel, 12th Ed.
General Electric Credit Corp. v. Levin & Weintraub
Citation:
739 F.2d 73 (1984)Facts
Flagstaff Foodservice Corporation filed for Chapter 11 reorganization in July 1981, owing GECC approximately $22 million secured by assets worth $42 million. To continue operations, Flagstaff obtained additional financing from GECC under a court-approved Financing Order that granted GECC a super-priority interest in all present and future property of the estate, with priority over any administrative expenses. Despite GECC advancing an additional $9 million during the proceedings, the reorganization ultimately failed. By that time, Flagstaff’s debt to GECC had been reduced to $4 million, but this remaining balance was substantially under-collateralized. The bankruptcy court awarded interim fees totaling approximately $250,000 to various professionals involved in the case, directing payment from the encumbered collateral. GECC objected, arguing that its super-priority lien took precedence over these professional fees.
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