Law360 (Aug 6, 2021, 7:59 p.m. EDT) – A panel of unsecured creditors representing a large number of farms on Friday opposed Chapter 11 protections from biologics supplier Pipeline Foods for major lenders without guaranteeing that grain deliveries made just before the Chapter 11 plan began to gain administrative priority payment status.
The objections bring to the fore the Bankruptcy Code’s 503 (b) (9) requirement that suppliers who provide goods to a debtor within 20 days of bankruptcy are granted priority repayment status, with debtors risking a decision to pay off. ‘administrative insolvency if they fail to do so.
Pipeline, with nine roadside grain and commodity storage facilities in Minnesota, North Dakota, Iowa and Canada, was looking for …
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