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    The TOUSA two-step: who gets to dance in bankruptcy?
    2012-06-04

    Occasionally we find a bankruptcy case that we know will be of interest to lenders, and this is one of them. I’m calling this one a “two-step” not just because it makes for a catchy title, but also because this is the second time we’ve seen this case, and this time the outcome is less favorable.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy
    Authors:
    Susan C. Alker
    Location:
    USA
    Firm:
    Reed Smith LLP
    U.S. Supreme Court resolves circuit split in favor of secured lenders’ credit-bid rights in chapter 11 bankruptcy cases
    2012-06-04

    The U.S. Supreme Court issued a unanimous decision on May 29, 2012, finding that a chapter 11 bankruptcy plan of liquidation is not confirmable over a secured lender’s objection if such plan prohibits the lender from credit bidding at a sale of its collateral.1 See RadLAX Gateway Hotel, LLC et al. v. Amalgamated Bank, No. 11-166, 566 U.S. ___ (2012).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Seyfarth Shaw LLP, Bankruptcy, Collateral (finance), United States bankruptcy court, Fifth Circuit, Seventh Circuit
    Authors:
    James B. Sowka
    Location:
    USA
    Firm:
    Seyfarth Shaw LLP
    Supreme Court confirms credit bid rights of secured creditors
    2012-06-04

    The United States Supreme Court, in the case of Radlax Gateway Hotel, LLC v. Amalgamated Bank (“Radlax”), ruled that secured creditors have the same right to credit bid in collateral sales under a plan of reorganization as they do in sales under Section 363 of the Bankruptcy Code (“Section 363 Sales”).

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Manatt Phelps & Phillips LLP, Credit (finance), Debtor, Collateral (finance), Secured creditor, Title 11 of the US Code, Supreme Court of the United States
    Authors:
    Carl L. Grumer
    Location:
    USA
    Firm:
    Manatt Phelps & Phillips LLP
    Supreme Court holds secured creditor has absolute right to credit bid at a plan sale
    2012-06-04

    Whether a secured creditor has an absolute right to credit bid at a sale under a chapter 11 plan has been the subject of conflicting decisions rendered by the Third, Fifth and Seventh Circuits.1 The United States Supreme Court has resolved these inconsistent rulings with its decision in RadLAX Gateway Hotel, LLC, et al., v. Amalgamated Bank, 2 which affirmed the Seventh Circuit’s holding that a secured creditor has an absolute right to credit bid in a sale under a chapter 11 plan.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Collateral (finance), Secured creditor, Title 11 of the US Code, Supreme Court of the United States
    Authors:
    Alan W Kornberg , Stephen J. Shimshak , Alice Belisle Eaton
    Location:
    USA
    Firm:
    Paul, Weiss, Rifkind, Wharton & Garrison 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
    Rescap seeks automatic bankruptcy stay of 27 MBS suits
    2012-06-04

    On May 25, 2012, Residential Capital LLC (“ResCap”) filed a complaint in United States Bankruptcy Court for the Southern District of New York seeking declaratory and injunctive relief to extend the automatic stay over 27 MBS lawsuits against it, its affiliates, and its executives while it undergoes bankruptcy restructuring.  ResCap alleges that all of the lawsuits against its non-debtor affiliates are inextricably connected to the debtor affiliates, and that such lawsuits will drain the debtors’ estates by forcing those entities to undergo extensive discovery and face significant indem

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Orrick, Herrington & Sutcliffe LLP, Injunction, United States bankruptcy court
    Location:
    USA
    Firm:
    Orrick, Herrington & Sutcliffe LLP

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