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Bankruptcy Keyed to Bussel, 12th Ed.
Matter of Saybrook Manufacturing Co.
Citation:
963 F.2d 1490 (1992)Facts
Saybrook Manufacturing Co. and related companies filed for Chapter 11 bankruptcy protection on December 22, 1988. At the time of filing, they owed Manufacturers Hanover approximately $34 million in pre-petition debt, which was secured by collateral worth less than $10 million, leaving about $24 million undersecured. The day after filing, the debtors sought emergency financing. The bankruptcy court approved an arrangement whereby Manufacturers Hanover would provide $3 million in new post-petition financing in exchange for security interests in all of the debtors’ assets—both pre-petition and post-petition—securing both the new $3 million loan and the entire $34 million pre-petition debt. This arrangement, known as cross-collateralization, significantly improved Manufacturers Hanover’s position relative to other unsecured creditors in the event of liquidation.
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