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    Important secured creditor protection upheld by Supreme Court
    2012-06-08

    In a unanimous decision, on May 29, 2012, the Supreme Court of the United States upheld an important protection against “cramdown” afforded to lenders in Chapter 11 cases.RadLAX Gateway Hotel, LLC v. Amalgamated Bank, 566 U.S. , No. 11-166 (May 29, 2012). In RadLAX, the Supreme Court held that a Chapter 11 debtor could not deprive a secured creditor of its right to credit bid for property to be sold under a plan of reorganization.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Holland & Knight LLP, Debtor, Interest, Secured creditor, United States bankruptcy court
    Authors:
    Richard E. Lear , John J. Monaghan
    Location:
    USA
    Firm:
    Holland & Knight LLP
    Canonized credit-bidding: the Supreme Court unanimously affirms secured creditor's right to credit-bid at free and clear sale in plan
    2012-06-08

    On May 29, 2012, the Supreme Court ruled 8-0 that a debtor could not confirm a plan over a secured creditor’s objection if the plan provided for the sale of the secured creditor’s collateral free and clear of liens, but did not provide the secured creditor with the option of credit-bidding at the sale. RadLAX Gateway Hotel, LLC v. Amalgamated Bank, No. 11-166, 2012 U.S. LEXIS 3944 (U.S. May 29, 2012). Such a plan, the Supreme Court held, does not meet the statutory requirements for “fair and equitable” treatment of an objecting secured class in 11 U.S.C. § 1129(b)(2)(A).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Sheppard Mullin Richter & Hampton LLP, Debtor, Secured creditor, Title 11 of the US Code, United States bankruptcy court
    Authors:
    Michael M. Lauter
    Location:
    USA
    Firm:
    Sheppard Mullin Richter & Hampton LLP
    Supreme Court upholds credit bidding rights in bankruptcy sales in RadLAX Gateway Hotel, LLC v. Amalgamated Bank
    2012-06-08

    On May 29, 2012, the United States Supreme Court issued its decision in RadLAX Gateway Hotel, LLC v. Amalgamated Bank, 566 U.S. ___ (2012), which affirmed that secured creditors have the right to use their claims to credit bid in auctions of their collateral conducted under bankruptcy reorganization plans. The decision is a victory for secured lenders because these credit bid rights ensure that, in the context of a collateral sale, secured lenders will be able to use their claims to purchase their collateral if they are not being repaid in full.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Hunton Andrews Kurth LLP, Bankruptcy, Credit (finance), Debtor, Collateral (finance), Foreclosure, Title 11 of the US Code, Supreme Court of the United States
    Location:
    USA
    Firm:
    Hunton Andrews Kurth LLP
    Supreme Court upholds right to credit-bid in 363 sales embedded in reorganization plans
    2012-06-08

    In the recent case of RadLAX Gateway Hotel, LLC v. Amalgamated Bank, 2012 WL 1912197 (May 29, 2012), the Supreme Court in a unanimous 8-0 opinion, delivered by Justice Scalia, held that the Bankruptcy Code statutory scheme mandates that secured creditors must be allowed to credit-bid in 363 sales of assets where the sale is incorporated into a plan of reorganization.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Pillsbury Winthrop Shaw Pittman LLP, Bankruptcy, Credit (finance), Debtor, Statutory interpretation, Secured creditor
    Authors:
    Richard L. Epling , Kerry A. Brennan , Alex Parachini
    Location:
    USA
    Firm:
    Pillsbury Winthrop Shaw Pittman LLP
    The Devil (Dog) ® is in the details: Bankruptcy Court denies hostess’s motion to reject collective bargaining agreements on narrow factual grounds
    2012-06-08

    The recent bankruptcy case of Hostess has centered on Hostess’s attempts to reject collective bargaining agreements with its unions.  Hostess has emphasized that realigning labor costs is essential to its ability to successfully reorganize.  Section 1113 of the Bankruptcy Code sets forth detailed requirements that a debtor must meet to modify or reject CBAs.  Bankruptcy courts’ ultimate decision to authorize rejection of a CBA frequently turns on a detailed examination of the evidence presented in support of the rejection motion.

    Filed under:
    USA, Employment & Labor, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Collective bargaining agreements, United Steelworkers, NLRA, United States bankruptcy court
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Supreme Court clarifies lenders' right to credit bid
    2012-06-04

    In Radlax Gateway Hotel, LLC v.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Herrick Feinstein LLP, Debtor, Supreme Court of the United States
    Authors:
    Stephen Selbst , Paul Rubin
    Location:
    USA
    Firm:
    Herrick Feinstein LLP
    U.S. Supreme Court upholds right of secured creditors to credit bid under Chapter 11 plan
    2012-06-04

    On May 29, 2012, the U.S. Supreme Court, in a unanimous decision, resolved a high-profile circuit split regarding the right of secured creditors to credit bid in an asset sale under a chapter 11 plan. In RadLAX Gateway Hotel, LLC v. Amalgamated Bank,1 the Court held that a debtor cannot deny a secured creditor the right to credit bid as part of a chapter 11 plan providing for the sale of assets free and clear of the secured creditor’s liens on those assets.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Katten Muchin Rosenman LLP, Credit (finance), Debtor, Collateral (finance), Secured creditor, Title 11 of the US Code
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    The Supreme Court affirms the secured creditor’s right to credit bid under a Chapter 11 “cram-down” plan providing for the sale of collateral
    2012-06-04

    On May 29, 2012, the Supreme Court of the United States, in the chapter 11 cases of RadLAX Gateway Hotel, LLC, and RadLAX Gateway Deck, LLC (the “RadLAX Cases”)1 held by a vote of 8-02 that a chapter 11 plan cannot be confirmed if the plan (i) is rejected by a class of secured claims, (ii) provides for the sale of collateral free and clear of liens securing such claims, and (iii) deprives the holders of such claims of the right to credit bid at the sale of collateral.  

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Fried Frank Harris Shriver & Jacobson LLP, Debtor, Collateral (finance), Secured creditor, Title 11 of the US Code, Seventh Circuit
    Authors:
    Brad Eric Scheler , Gary L. Kaplan , Shannon Lowry Nagle , Alan N. Resnick , Jennifer L. Rodburg
    Location:
    USA
    Firm:
    Fried Frank Harris Shriver & Jacobson LLP
    Supreme Court upholds secured party’s right to credit bid at a sale of property under a reorganization plan
    2012-06-04

    On May 29, 2012 the United States Supreme Court ruled that a plan of reorganization may not be confirmed over the objection of a secured creditor if the plan provides for the sale of collateral free and clear of the creditor’s lien, but does not permit the creditor to credit bid at the sale. The ruling resolved a conflict between a decision from Seventh Circuit Court of Appeals, which denied confirmation of such a plan, and decisions from the Third and Fifth Circuit Courts of Appeal, which approved such plans.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Dykema Gossett PLLC, Debtor, Collateral (finance), Secured creditor, Supreme Court of the United States
    Authors:
    Richard M. Bendix, Jr.
    Location:
    USA
    Firm:
    Dykema Gossett PLLC
    Supreme Court upholds secured creditor’s right to credit bid in a bankruptcy case
    2012-06-04

    The United States Supreme Court emphatically upheld a secured creditor’s right to credit bid in bankruptcy cases. In RadLAX Gateway Hotel, et al. v. Amalgamated Bank, 566 U.S.___ (May 29, 2012), the Court found the case an "easy" one to resolve: when a secured creditor is denied the right to credit bid its debt in the sale of its collateral as a part of a bankruptcy plan, it will not receive the "indubitable equivalent" of its secured claim in the form of cash generated from the sale. The Court's unanimous decision should help restore certainty in lending.

    Filed under:
    USA, Banking, Derivatives, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Collateral (finance), Secured creditor, Supreme Court of the United States
    Authors:
    Bernard P. Simons
    Location:
    USA
    Firm:
    Reed Smith LLP

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