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Bankruptcy Keyed to Levitan, 3rd Ed.
Orix Credit Alliance, Inc. v. Delta Resources, Inc. (In re Delta Resources, Inc.)
Citation:
54 F.3d 722 (1995)Facts
Delta Resources, Inc. filed a voluntary Chapter 11 bankruptcy petition on November 30, 1992. Orix Credit Alliance, claiming to be an oversecured creditor, moved for relief from the automatic stay, arguing that its security interest in approximately 13 pieces of heavy equipment was not adequately protected. The bankruptcy court determined that the value of the collateral was $643,500 and that it was slightly depreciating. Without making a finding as to whether Orix was actually oversecured, the court assumed Orix’s assertion was true. The court denied Orix’s motion for relief from stay because the equipment was necessary for Delta’s reorganization, but ordered adequate protection payments of $9,972.41 per month to cover depreciation. The court rejected Orix’s argument that it was entitled to postpetition interest as part of adequate protection. The district court reversed, holding that an oversecured creditor is entitled to postpetition interest as part of adequate protection to maintain its equity cushion. The equipment was subsequently sold, and the proceeds were paid to Orix.
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