Continental Illinois National Bank & Trust Co. v. Century City, Inc. (In Re Century City, Inc.)

OPINION

D. JOSEPH DeVITO, Bankruptcy Judge.

The movants, Continental Illinois National Bank and Trust Company of Chicago, Great Pacific Century Corp., Century Associates and One Century City Apartment Corp. (defendants in the above captioned adversary proceeding), move pursuant to 11 U.S.C. § 1112[b] to dismiss the Chapter 11 petition and reorganization case commenced by Century City, Inc. on October 26, 1979, on the grounds that (a) the petition has not been filed in “good faith” and (b) debtor has no reasonable prospect of rehabilitation.

The following relevant factual background of the…