Altra Corp. v. Chemtoy Corp. (In Re Chemtoy Corp.)

MEMORANDUM OPINION

FREDERICK J. HERTZ, Bankruptcy Judge.

I

This cause of action involves a complaint by plaintiff Altra Corporation (hereinafter referred to as Altra), seeking to modify the automatic stay granted to defendant Chem-toy Corporation (hereinafter referred to as Chemtoy). The stay in question stems from a Chapter XI plan of reorganization which was confirmed on December 22, 1978. Under Bankruptcy Rule ll-44(b), an automatic stay continues “until the case is closed, dismissed, or converted to bankruptcy or the property subject to the lien is, with the approval of the court, abandoned…