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MLI INDUS., INC. v. NEW YORK STATE URBAN DEV. CORP.

205 A.D.2d 998 (1994)

613 N.Y.S.2d 977

MLI Industries, Inc., Appellant, v. New York State Urban Development Corporation et al., Respondents

Appellate Division of the Supreme Court of the State of New York, Third Department.

June 30, 1994

Yesawich Jr., J.

In 1989 plaintiff, a contract manufacturing firm in Tioga County that had previously borrowed approximately $4 million from defendants, petitioned for reorganization in bankruptcy. The reorganization plan approved by Bankruptcy Court provided a moratorium on loan repayments until January 15, 1991, at which time plaintiff was to begin making monthly payments to defendants in stated amounts. When plaintiff anticipated difficulty making...

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