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Secured Creditors Secure Win
In a major victory for secured creditors, the United States Supreme Court unanimously held that a Chapter 11 plan involving a sale of secured property free and clear of a creditor's lien must afford the secured creditor the right to credit bid for the property under section 363(k) of title 11 of the United States Code (the Bankruptcy Code). RadLAX Gateway Hotel, LLC v. Amalgamated Bank, 566 U.S. __ (2012). In so holding, the Court resolved the split that had emerged among the United States Circuit Courts of Appeals, as illustrated by the Seventh Circuit's decision below (River Road Hotel Partners, LLC v. Amalgamated Bank, 651 F.3d 642 (7th Cir. 2011)), which contrasted with other recent decisions from the Third and Fifth Circuits, respectively.
Unlike the Seventh Circuit, the Third and Fifth Circuits had held that a plan eliminating the credit bid rights of a secured creditor could be approved over the objection of the secured creditor, as long as that creditor was provided with the indubitable equivalent of its secured claim by some other means. See In re Philadelphia Newspapers, LLC, 599 F.3d 298 (3d Cir. 2010); and In re Pacific Lumber Co., 584 F.3d 229 (5th. Cir. 2009).
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