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In Re UNR Industries, Inc.

30 B.R. 609 (1982)

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In Re UNR Industries, Inc.

United States Bankruptcy Court for the Northern District of Illinois
30 B.R. 609 (1982)

  • Written by Philip Glass, JD

Facts

UNR Industries, Inc. (UNR) (debtor) filed for Chapter 11 bankruptcy on July 29, 1982. Under 11 U.S.C. § 1108, UNR as debtor-in-possession was to handle its ordinary daily business operations while also maintaining and protecting its assets. The United States trustee, on court order, appointed a creditor’s committee on August 2, 1982, to serve in an advisory role as per 11 U.S.C. § 1103(c)(1). UNR did not fail to answer the creditors’ committee’s inquiries into the finances of UNR’s business. The creditors’ committee applied on December 17, 1982, to modify the operating order to enable it to intervene in the day-to-day operations of UNR’s business. In UNR’s opposition on January 10, 1983, UNR contended that § 1103(c)(1) did not allow a creditor’s committee to assume a directly interventionist role in business management. The creditors’ committee had not presented any proof of UNR’s refusal to communicate financial information of relevance to the creditors, nor had any evidence been offered to demonstrate a failure by UNR to manage its assets and maintain its business. The bankruptcy court heard this dispute.

Rule of Law

Issue

Holding and Reasoning (Toles, J.)

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