The U.S. Supreme Court today in Radlax Gateway Hotel, LLC, et al. v. Amalgamated Bank unanimously upheld the right of secured creditors to credit bid their debt upon a sale of their collateral pursuant to a nonconsensual chapter 11
Indubitable Equivalent
Supreme Court Indubitably Grapples With Credit Bidding
By Ben Feder on
Posted in Distressed M&A
The Supreme Court heard arguments yesterday in RadLAX Gateway Hotel over whether the Bankruptcy Code permits a debtor in a chapter 11 case to sell encumbered assets without providing its secured lenders an opportunity to credit bid their debt. …
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Take Me to the River (Road): The Seventh Circuit Prepares to Weigh In On Credit Bidding
By Ben Feder on
Posted in Distressed M&A
The U.S. Court of Appeals for the Seventh Circuit has taken under advisement the latest case involving the now contentious issue of credit bidding.
Judge Bruce Black of the United States Bankruptcy Court for the Northern District of Illinois last…
The Dog That Didn’t Bark – Second Circuit’s Opinion in DBSD North America Disallows Gifting, But Is Silent on Cramdown of Secured Creditor
By Ben Feder on
Posted in Chapter 11
As discussed in previous posts on this site, back in December the Second Circuit Court of Appeals issued a summary order that reversed the bankruptcy court’s confirmation of the reorganization plan (the “Plan”) of DBSD North America, f/k/a ICO…
Second Circuit Affirms Unfavorable Plan Treatment of Senior Secured Creditor in DBSD North America
By Ben Feder on
Posted in Chapter 11
The Second Circuit Court of Appeals issued a summary order this week upholding the aggressively unfavorable treatment of a senior secured creditor under the reorganization plan (the “Plan”) of DBSD North America, f/k/a ICO North America (“DBSD”). (The Second Circuit upheld…
Second Circuit Stays DBSD North America Plan
By Ben Feder on
Posted in Chapter 11
The chapter 11 case of DBSD North America, Inc. (“DBSD”), f/k/a ICO North America, has been marked by aggressive tactics and extreme positions from its commencement. DBSD, a non-operating satellite communications company, and its second lien noteholders made clear their intent…
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Philadelphia Newspapers – Will The Lenders Make the Check Out to Themselves?
By Ben Feder on
Posted in Distressed M&A
In the end, all of the maneuvering in the Philadelphia Newspapers chapter 11 case appears to have done nothing but leave behind some very bad case law and a great deal of future uncertainty.
As previously described on this site, the…
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