Index: django/core/management/commands/loaddata.py
===================================================================
--- django/core/management/commands/loaddata.py	(revision 7403)
+++ django/core/management/commands/loaddata.py	(working copy)
@@ -47,7 +47,14 @@
         transaction.enter_transaction_management()
         transaction.managed(True)
 
-        app_fixtures = [os.path.join(os.path.dirname(app.__file__), 'fixtures') for app in get_apps()]
+        app_fixtures = []
+	for app in get_apps():
+	    app_path = app.__file__
+	    parts = os.path.split(app_path)
+	    if parts[1].startswith('__init__'):
+		parts = os.path.split(parts[0]) # move up to app dir
+	    app_fixtures.append(os.path.join(parts[0], 'fixtures'))
+
         for fixture_label in fixture_labels:
             parts = fixture_label.split('.')
             if len(parts) == 1: