from Cravath, Swaine & Moore consider the Third Circuit's decision in In re
Philadelphia Newspapers. This decision, along with the decision in In re
Pacific Lumber, marks a significant departure from long-held expectations of
secured creditors and could endanger protections traditionally...
By Ben Feder
The U.S. Supreme Court today in Radlax Gateway Hotel, LLC, et al. v. Amalgamated Bank unanimously upheld the right of secured creditors to credit bid their debt upon a sale of their collateral pursuant to a nonconsensual chapter 11 plan of reorganization. As described in numerous prior...
Within the span of a few days, Judge Patrick Higginbotham
of the Fifth Circuit released two decisions which will ease the way for chapter
11 debtors to confirm their plans. In the first decision, the Court definitively
put a stake through the heart of the artificial impairment doctrine, while in
by Ben Feder
The chapter 11 filings this month of Sbarro and Quiznos share many similarities . Both companies are looking to survive in a difficult sector of a tough industry. Both were forced to seek bankruptcy despite recent successful efforts to reduce debt – an out-of-court restructuring...