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MATTER OF ALAN WOOD STEEL CO.

No. 77-930 EG (Civ. A. No. 77-2579).

437 F.Supp. 949 (1977)

In the Matter of ALAN WOOD STEEL COMPANY.

United States District Court, E. D. Pennsylvania.

As Amended October 11, 1977.

Attorney(s) appearing for the Case

James M. Peck, Philadelphia, Pa., for petitioner.

Robert H. Levin, Philadelphia, Pa., for receivers.

Leon S. Forman, Philadelphia, Pa., for PNB.

MEMORANDUM AND ORDER

HUYETT, District Judge.

Alan Wood Steel Company (Debtor) on June 10, 1977 filed a petition with the Bankruptcy Court pursuant to Chapter XI of the Bankruptcy Act, 11 U.S.C. §§ 701-799. Four days later, on June 14, 1977, the Receivers of Debtor applied to the Bankruptcy Court for authority to borrow funds from the Philadelphia National Bank (PNB) and to issue Receivers' Certificates of Indebtedness as security for such loans...

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