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The Bankruptcy Hotline
New Value
The Seventh Circuit has ruled that a machinery manufacturer's pre-contracted delivery of component parts to a customer during the preference period did not constitute 'new value' for purposes of ' 547(c)(4)(B). Gouveia v. RDI Group (In re Globe Building Materials Inc.), No. 05-4749 (5/4/07).
A roofing products manufacturer contracted with the debtor to provide a custom-built equipment line for use in the debtor's manufactured product. The line used a number of component machines which, when linked together, created a single machine suitable for making the product. The contract stated a single price for the assembled machine of $4,210,745 to be paid in stages, according to a schedule set forth in the contract. The debtor, however, filed for bankruptcy just prior to the completion of the final component and the trustee sought to recover payments made during the preference period. The creditor took the position that the payment was made for a debt incurred in the ordinary course of the debtor's business, or, in the alternative, it was for 'new value.' Both the bankruptcy court and the district court rejected these arguments. On appeal, the creditor pressed only its new value argument.
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