On June 28, 2011, in a decision of great significance to secured creditors, the U.S. Court of Appeals for the Seventh Circuit held that secured creditors have a statutory right to credit bid their debt at an asset sale conducted under a so-called “cramdown” plan.
Secured Creditors' Credit Bid Rights Under Cramdown Plan
On June 28, 2011, in a decision of great significance to secured creditors, the U.S. Court of Appeals for the Seventh Circuit held that secured creditors have a statutory right to credit bid their debt at an asset sale conducted under a so-called "cramdown" plan. This decision is directly at odds with recent decisions in the Third and Fifth Circuits regarding a secured creditor's right to credit bid under a plan.
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Lawrence V. Gelber, James T. Bentley And Mike PaekThis premium content is locked for LawJournalNewsletters subscribers only
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