United States Bankruptcy Court for the Eastern District of Michigan
299 B.R. 170 (2003)
Made In Detroit, Inc. (Made) (debtor) filed for reorganization under chapter 11 of the bankruptcy code. As part of its reorganization plan, Made sought to obtain a $9,000,000 loan from Kennedy Funding, Inc. (Kennedy). The loan would be secured by Made’s property. Made had petitioned the court to allow Made to obtain a loan from shareholders to pay Kennedy the loan-commitment fee, but the court denied the motion. Made failed to pay the loan-commitment fee through other means. Made submitted a reorganization plan that was contingent on obtaining the $9,000,000 loan from Kennedy. When Made submitted the plan, the loan-commitment fee remained unpaid, the collateral had not been appraised, and other conditions precedent to the Kennedy loan were unsatisfied.
Rule of Law
Holding and Reasoning (McIvor, J.)
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