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| Finance and Restructuring Update |
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| Seventh Circuit Hands Secured Lenders a Major Victory - Splits the Circuits by Holding that Secured Creditors Have Right to Credit Bid Under Plan Sales |
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Author
George R. Mesires
Partner
Tel: 312.977.4151
grmesires@uhlaw.com
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On June 28, 2011, the United States Court of Appeals for the Seventh Circuit affirmed the Bankruptcy Court for the Northern District of Illinois’ decision and held that a secured creditor has a statutory right to credit bid its debt in the sale of assets proposed under a non-consensual plan of reorganization pursuant to Section 1129(b)(2)(A) of the Bankruptcy Code. The latest Ungaretti & Harris LLP Finance and Restructuring Client Update focuses on the significance of this case.
Click here to read the update.
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Ungaretti & Harris LLP
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