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...
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...
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...
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 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...