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In re Dynaco Corp.

162 B.R. 389 (1993)

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In re Dynaco Corp.

United States Bankruptcy Court for the District of New Hampshire
162 B.R. 389 (1993)

  • Written by Philip Glass, JD

Facts

Dynaco Corp. (Dynaco) (debtor), a manufacturer of circuit boards from raw materials with an Arizona facility, filed Chapter 11 bankruptcy on July 23, 1993. On October 1, 1993, Dynaco filed a motion for continued use of cash collateral. State Street Bank & Trust Company (State Street Bank) (creditor), a secured creditor possessing a claim on the cash collateral at issue, filed an objection to Dynaco’s motion. Before the bankruptcy court, Dynaco presented evidence that it would meet its projected estimate of $15 million in sales by the end of fiscal year 1994, or September 30, 1994. This evidence included attestations that Dynaco would grow its customer base, obtain amounts owed by customers, and apply business-management strategies proposed by a professional management group to increase the productivity and orderliness of its business. Dynaco showed that it would not require monetary assistance besides access to the cash collateral, and additionally demonstrated the existence of a 17 percent equity cushion capable of preventing a decrease in the collateral’s value. State Street Bank, which would benefit from the equity cushion, failed to proffer evidence rebutting any of Dynaco’s claims.

Rule of Law

Issue

Holding and Reasoning (Yacos, C.J.)

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