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...
I am attending the National Conference of Bankruptcy
Judges meeting in New Orleans this week. Here are some highlights.
Lawrence P. King Award
The Commercial Law League of America presented the Lawrence P. King Award to
Judge Burton Lifland from the Southern District of New York. In his acceptance...
The U.S. Court of Appeals for the Seventh Circuit has
taken under advisement the latest case involving the now contentious issue of
Judge Bruce Black
of the United States Bankruptcy Court for the Northern District of Illinois
last year refused
to permit the debtors in In re River...
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 LexisNexis, a division of Reed Elsevier Inc. All...
Philly News: Third
Circuit Upholds Bidding Procedures Denying Lenders Opportunity to Credit Bid
By Douglas S. Mintz, Leslie Chervokas and Mark
The Third Circuit Court of Appeals recently affirmed the
District Court's ruling in In re Philadelphia Newspapers, LLC . The Court
of last year's decision on credit bidding by the Third Circuit Court of Appeals
in the Philadelphia Newspapers chapter 11 case welcomed the Seventh Circuit's recent
unanimous opinion in River Road Hotel Partners LLC . The Seventh
Circuit expressly adopted the Judge Tom Ambro's...
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 assets free and
clear of liens without...
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 Road Hotel
Partners, which held that Bankruptcy...
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 upholding the right of a secured lender to credit...
The U.S. Supreme Court will rule this term in RadLAX
Gateway Hotel Inc. v. Amalgamated Bank on whether the Bankruptcy Code
permits a debtor in a chapter 11 case to sell encumbered assets without
providing the secured lender an opportunity to credit bid its
debt. Determination of this question will...
WASHINGTON, D.C. - The U.S. Supreme Court on April 2 granted
the U.S. solicitor general leave to participate in oral arguments in a case in
which a creditor bank argues that the Bankruptcy Code precludes confirmation of
a hotel chain's Chapter 11 plan that proposes to sell collateral free and...
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
Bank, the trustee of the deeply undersecured...
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 Bank ( transcript )
left no doubt about what's...
Supreme Court heard arguments yesterday in RadLAX Gateway Hotel over
whether the Bankruptcy Code permits a debtor in a chapter 11 case to sell
encumbered assets without providing its secured lenders an opportunity to
credit bid their debt.
previously described on this site , a circuit...
WASHINGTON, D.C. - The U.S.Supreme Court today affirmed
that a debtor company may not obtain confirmation of a nonconsensual Chapter 11
plan that permits the debtor to sell collateral free and clear of a creditor
bank's lien without permitting the bank to credit-bid at the sale ( RadLAX
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 § 1129(b)(2)(A)(ii) and (iii), thus, the debtors could...
On this edition, Ancela Nastasi of Fulbright & Jaworski and Kenneth Klee of Klee, Tuchin, Bogdanoff & Stern discuss the May 29, 2012 U.S. Supreme Court decision in RadLAX Gateway Hotel LLC v. Amalgamated Bank in which the court held that a secured creditor has a right to credit bid its secured...
by Ben Feder
A few months ago, a ruling in the Chapter 11 case of Fisker Automotive narrowed a secured creditor’s right to credit bid its debt in connection with a sale of the debtor’s assets. The decision surprised many observers and resurrected uncertainty about a debtor’s ability...
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 companies on a going concern basis in bankruptcy...