• The Supreme Court Affirms the Secured Creditor’s Right to Credit Bid Under a Chapter 11 “Cram-down” Plan Providing for the Sale of Collateral
  • June 8, 2012
  • Law Firm: Fried Frank Harris Shriver Jacobson LLP - New York Office
  • On May 29, 2012, the Supreme Court of the United States, in the chapter 11 cases of RadLAX Gateway Hotel, LLC, and RadLAX Gateway Deck, LLC (the “RadLAX Cases”) held by a vote of 8-0 that a chapter 11 plan cannot be confirmed if the plan (i) is rejected by a class of secured claims, (ii) provides for the sale of collateral free and clear of liens securing such claims, and (iii) deprives the holders of such claims of the right to credit bid at the sale of collateral.