Overview: Because Chapter 11 debtors were proceeding to sell assets free and clear
under 11 U.S.C.S. § 1129(b)(2)(A)(iii), secured lenders had no right to credit
bid at the auction sale of the collateral; thus, the district court's...
LexisNexis Core Overview: Sales free of liens under 11 U.S.C.S. § 1129(b)(2)(A) [ an annotated version of this statute is available to lexis.com
subscribers ] had to satisfy § 1129(b)(2)(A)(ii)'s requirements, not those
of both §...
LexisNexis Overview: Bankruptcy
court did not err in denying confirmation of Chapter 11 debtors' plans on the
basis that they did not comply with the specific requirements of 11 U.S.C.S. §
1129(b)(2)(A)(ii) because debtors could not sell encumbered...
As I noted three years ago in my " What's
Bothering Ruthie ? " post on Justice Ginsburg's one-liner that
stopped the Chrysler sale dead in its tracks, today's Supreme Court oral
argument in RadLAX Gateway Hotel, LLC v. Amalgamated...
On this edition, Ancela R. Nastasi of Richards Kibbe & Orbe LLP in New York discusses the background and holding of the 7th Circuit U.S. Court of Appeals in In re River Road Hotel Partners, LLC . She analyzes the implications of the court's ruling...
by Ben Feder
A recent ruling in the Chapter 11 case of Free Lance-Star Publishing limited the credit bidding rights of a secured creditor . The ruling has called into question the ability of the holder of secured debt to utilize such debt to acquire...
Chicago bankruptcy professionals descended on the
US Supreme Court to catch the final chapter in the RadLAX bankruptcy saga,
one that had a remarkably swift journey to the highest court of the
land. The case started as the neglected stepchild of Amalgamated...
James Lawniczak considers the
circuit split over whether a secured creditor has an absolute right to credit
bid when its collateral is being sold through a chapter 11 reorganization plan.
Looking in detail at the Seventh Circuit's decision in River...
Circuit Court of Appeals issued a summary order this week upholding the
aggressively unfavorable treatment of a senior secured creditor under the
reorganization plan (the "Plan") of DBSD North America, f/k/a ICO North America
On this edition, Ancela Nastasi, partner in the Restructuring and Bankruptcy Group at Richards Kibbe & Orbe LLP, explains "secured lender," intercreditor agreements, credit bidding, loan to own strategies and cram-down. Copyright© 2010...
Under Article 9 (Secured
Transactions) of the Uniform Commercial Code, the default rule for priority
among secured creditors is the first-to-file-or-perfect. U.C.C. § 9-322 (a)(1)
(Official Text 2009). In other words, the secured party...
The Supreme Court extended the holding of Dewsnup v. Timm , 502 U.S. 410 (1992) to a fully unsecured junior lien in a chapter 7 case [lexis.com subscribers may access Supreme Court briefs and an enhanced opinion for this case]. However, the Court suggested...
Emerging Issues Analysis, James M. Lawniczak addresses decisions from the Third
and Fifth Circuits holding that secured creditors do not have an absolute legal
right to credit bid when their collateral is sold through a plan of
A new opinion in the Scopac case raises difficult
questions about adequate protection. In Matter of Scopac , No. 09-40307
(5 th Cir. 10/19/10), which can be found here, the Fifth Circuit
ruled that secured creditors were entitled to a super priority...