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Bankruptcy Keyed to Bussel, 12th Ed.
Precision Industries v. Qualitech Steel SBQ
Citation:
327 F.3d 537 (2003)Facts
Qualitech Steel Corporation owned and operated a steel mill on a 138-acre tract in Pittsboro, Indiana. In 1998-1999, Qualitech entered into two agreements with Precision: a supply agreement whereby Precision would construct and operate a warehouse at Qualitech’s facility for ten years, and a land lease granting Precision exclusive possession of the land under the warehouse for the same period. Precision built the warehouse but Qualitech soon filed for Chapter 11 bankruptcy. The bankruptcy court approved the sale of substantially all Qualitech’s assets to pre-petition lenders for $180 million, “free and clear of all liens, claims, encumbrances, and interests.” Precision had notice but did not object to the sale or seek adequate protection under § 363(e). The lenders transferred their interest to New Qualitech, which later changed the locks on the warehouse, excluding Precision.
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