In re Metrocraft Publishing Services, Inc.

39 B.R. 567 (1984)

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In re Metrocraft Publishing Services, Inc.

United States Bankruptcy Court for the Northern District of Georgia
39 B.R. 567 (1984)

Facts

Metrocraft Publishing Services, Inc. (Metrocraft) (debtor) was a printing company offering services such as typesetting and composition. Metropolitan Advertising Associated (MAA) acted as a sales organization to supply more business to Metrocraft. Metrocraft began to lose sales and filed a Chapter 11 petition. Under § 1125 of the Bankruptcy Code (code), a debtor could not obtain acceptance of its reorganization plan unless it filed a disclosure, to be approved by the court, containing adequate information for creditors and other claimants. Section 1125(a)(1) of the code defined “adequate information” as information of a kind and sufficient detail to enable a reasonable investor similar to those holding claims on the debtor’s estate to assess the reorganization plan, insofar as practicable given the debtor’s history and the state of the debtor’s records. A committee of Metrocraft’s creditors objected to Metrocraft’s disclosure statement, asserting that Metrocraft failed to supply adequate information.

Rule of Law

Issue

Holding and Reasoning (Drake, J.)

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