Ungaretti & Harris LLP Client Update

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<TD align="left"><FONT color="#FFFFFF" style="font-size: 16px; text-transform:uppercase;" face="Arial">Finance and Restructuring Update</FONT></TD>
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<TD align="left"><FONT color="#FFFFFF" style="font-size: 28px;" face="Arial"><B>Seventh Circuit Hands Secured Lenders a Major Victory - Splits the Circuits by Holding that Secured Creditors Have Right to Credit Bid Under Plan Sales</B></FONT></TD>
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<FONT color="#000000" style="font-size: 16px;text-transform:uppercase;" face="Arial"><B>Author</B></FONT>
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<P style="margin-top:5px;margin-bottom:15px;padding:0">
<FONT color="#000000" style="font-size: 16px;" face="Arial"><p><a href="http://www.uhlaw.com/grmesires"><span style="font-family: Arial">George</span> R. Mesires</a><br />
<span style="font-size: xx-small"><span style="color: #000000"><span style="font-family: Arial">Partner<br />
Tel: 312.977.4151<br />
</span></span></span><span style="font-size: small"><span style="font-size: xx-small"><span style="color: #000000"><span style="font-family: Arial"><a href="mailto:grmesires@uhlaw.com?subject=June%202011%20Client%20Update">grmesires<span style="font-size: xx-small">@uhlaw.com</span></a></span></span></span></span><span style="font-size: smaller"><br />
<span style="font-size: small"><br />
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<FONT color="#000000" style="font-size: 16px;" face="Arial"><span lang="EN">
<p style="text-align: left"><span style="font-family: Arial"><span style="font-size: small">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.<br />
</span></span></p>
<p align="justify"><span style="font-family: Arial"><span style="font-size: small"><a href="http://www.uhlaw.com/seventh-circuit-hands-secured-lenders-a-major-victory/">Click here</a> to read the update.</span></span></p>
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