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Bankruptcy Keyed to Bussel, 12th Ed.
In re Orfa Corp. of Philadelphia
Citation:
129 B.R. 404 (1991)Facts
The three debtor companies—ORFAM (the parent company), ORFADEL (holder of valuable licenses for the Orfa waste disposal system), and ORFA-PHIL (owner of a non-functioning plant in Philadelphia)—filed for Chapter 11 bankruptcy. SPNB had financed the construction of the Philadelphia plant and held a first mortgage on that property. BEC was interested in acquiring licensing rights for the Orfa process in Canada and had made loans to the debtors secured by ORFADEL’s stock and sublicenses.
The Plan Proponents (EAFC and Corsair) proposed a reorganization plan that treated the three debtors as substantively consolidated, placed all of SPNB’s claims in a single class, and provided for payment to SPNB at the prime interest rate with a balloon payment after ten years. The plan placed BEC’s secured claims in a class with unsecured creditors. The plan also proposed to assume the Debtors’ licenses with the Licensors (Jetzer Technologie and Organ-Faser Technology).
The Proponents assembled a management team of experienced executives to repair and operate the Philadelphia plant. They proposed to fund the plan through a private placement of preferred stock after confirmation. SPNB, BEC, and the Licensors all objected to confirmation of the plan.
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