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In re Michael Day Enterprises, Inc.

United States Bankruptcy Court for the Northern District of Ohio
2009 WL 7195491 (2009)

Written by Ryan Hill, JD

Facts

Michael Day Enterprises, Inc. (Day) (debtor) filed for reorganization under chapter 11 of the bankruptcy code. Day continued to operate as a debtor in possession. KeyBank National Association (KeyBank) (creditor) was one of Days’ pre-petition lenders and had unsecured claims against the bankruptcy estate. KeyBank was willing to lend Day additional post-petition funds. As a condition for the post-petition financing, KeyBank wanted to combine Day’s pre-petition unsecured debt with the new post-petition secured debt. Day petitioned the bankruptcy court to obtain post-petition financing from KeyBank under § 364 of the bankruptcy code, arguing that post-petition financing was unavailable anywhere else.

Rule of Law

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Issue

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Holding and Reasoning (Shea-Stonum, J.)

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