PNC Bank, National Ass'n v. Goyette Mechanical Co.

OPINION AND ORDER GRANTING PLAINTIFF’S MOTION FOR RECEIVER, DENYING GOYETTE DEFENDANTS’ MOTION FOR CONTEMPT, AND VACATING INJUNCTION

DAVID M. LAWSON, District Judge.

Plaintiff PNC Bank extended a $6 million line of credit and a $451,107 term loan to defendants E.L. Mechanical, Inc., Goy-*756ette Mechanical Company, Inc., and Goy-ette-West, Inc. as joint borrowers. In its complaint, PNC Bank alleges that the defendants defaulted on the loan agreement by failing to maintain the required minimum tangible net worth and debt to earnings before interest, taxes, depreciation, and amortization (EBITDA)…