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IN RE GENERAL BEARING CORP.

Bankruptcy Nos. 91 B 21424, 91 B 21425 and 91 B 21426.

136 B.R. 361 (1992)

In re GENERAL BEARING CORPORATION, Hyatt Railway Products Corp., Fisco Industries, Ltd., Debtors.

United States Bankruptcy Court, S.D. New York.

February 3, 1992.

Attorney(s) appearing for the Case

Kurtzman & Haspel, Spring Valley, N.Y., for debtors.

Pillsbury Madison & Sutro, Kenneth N. Russak, Los Angeles, Cal., Lee A. Pollock, White Plains, N.Y., for Wells Fargo Bank Nat. Ass'n.

McCarter & English, Newark, N.J., for World Machinery Co., Inc.

Gordon, Gordon & Tepper, P.C., New York City, for Atlantica Establishment.

Hahn & Hessen, New York City, for Bank of New York.

DECISION ON MOTION FOR ORDER APPROVING SALE OF ASSETS AND MOTION FOR AN ORDER EXTENDING EXCLUSIVITY PERIOD

HOWARD SCHWARTZBERG, Bankruptcy Judge.

The Chapter 11 debtor, General Bearing Corporation, has moved pursuant to 11 U.S.C. § 363(b) and (f) to sell free of liens certain of its assets to World Machinery Co., Inc. ("World"), a corporation formed by insiders of the debtor. The debtor has also moved pursuant to § 1121(d) to extend its exclusive...

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