The Third Circuit Court of Appeals recently affirmed the District Court’s ruling in In re Philadelphia Newspapers, LLC.1 The Court allowed Philadelphia Newspapers, LLC to require all-cash bids for the asset sale under their proposed plan. This precluded secured creditors from credit bidding, as long as the plan provided those creditors with the “indubitable equivalent” of the value of their claims.
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The comprehensive financial reform bill recently passed by the Senate1 creates a new “orderly liquidation authority” (“OLA”) that would allow the Federal Deposit Insurance Corporation (“FDIC”) to seize control of a financial company2 whose imminent collapse is determined to threaten the financial system as a whole.
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USA, Banking, Capital Markets, Insolvency & Restructuring, Insurance, Cadwalader Wickersham & Taft LLP, Debtor, Federal Reserve Board, Liquidation, Holding company, Depository institution, Bank holding company, Systemic risk, Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA), Federal Deposit Insurance Corporation (USA), US Senate Committee on Banking, Housing and Urban Affairs, Securities Investor Protection Corporation, Credit rating agency, US Secretary of the Treasury
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