In re All Seasons Industries

121 B.R. 1002 (1990)

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In re All Seasons Industries

United States Bankruptcy Court for the Northern District of Indiana
121 B.R. 1002 (1990)

Facts

Boat builder All Seasons Industries (All Seasons) (debtor) filed for Chapter 11 bankruptcy relief. Before the end of the 120-day period during which All Seasons had the exclusive right to file a proposed Chapter 11 reorganization plan (i.e., the exclusivity period), All Seasons moved under 11 U.S.C. § 1121 to extend the period. All Seasons asserted three reasons for the extension. First, All Seasons explained that it had pending litigation against a chemical company in federal district court, in which All Seasons could potentially recover a significant amount of money that could impact the reorganization. Second, All Seasons asserted that the boat-building business was seasonal, and All Seasons needed more time to develop a more accurate and potentially more favorable prediction regarding its future business operations. Third, All Seasons claimed that it had been litigating against one of its secured creditors, Summit Bank, during the early stages of the bankruptcy proceeding and that the litigation had distracted All Seasons from formulating a reorganization plan. All Seasons’ unsecured-creditors’ committee supported All Seasons’ motion, but Summit Bank and another of All Seasons’ secured creditors objected.

Rule of Law

Issue

Holding and Reasoning (Grant, J.)

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