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Secured lender’s full credit bid barred later recovery from guarantors

Schulte Roth & Zabel LLP
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USA
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March 6 2013

The U.S. Court of Appeals for the Fifth Circuit held on Feb. 28, 2013, that a secured lender's full credit bid for a Chapter 11 debtor's assets at a

Seventh Circuit holds that bankruptcy court improperly reduced oversecured lenders’ claim

Schulte Roth & Zabel LLP
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USA
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May 13 2009

The U.S. Court of Appeals for the Seventh Circuit held on May 5, 2009, that a group of secured lenders were fully secured and “entitled to a full recovery” from the debtor despite the bankruptcy court’s improper valuation of the collateral (improved airport terminal space) securing the lenders’ underlying $60 million loan

Bankruptcy court cannot surcharge credit bidding asset buyer with expenses of sale

Schulte Roth & Zabel LLP
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USA
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April 7 2009

The U.S. Court of Appeals for the Fifth Circuit held on March 25, 2009, that a bankruptcy court had improperly surcharged property in the hands of a credit bidding asset buyer with the expenses of the judicial sale

Bankruptcy court allows collateral agent to credit bid without 100 approval of senior lenders in same facility

Schulte Roth & Zabel LLP
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USA
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April 28 2009

In a recent decision, the Bankruptcy Court for the District of Delaware allowed the collateral agent for senior lenders to credit bid for the debtors’ assets even though all of the senior lenders had not authorized the bid

Florida bankruptcy judge holds ‘savings clause’ unenforceable when voiding guarantees as fraudulent transfers

Schulte Roth & Zabel LLP
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USA
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October 30 2009

A Florida bankruptcy court, on Oct. 13, 2009, issued a 182-page decision after a 13-day trial, among other things, avoiding on fraudulent transfer grounds (a) secured subsidiary guarantees of $500 million and (b) $420 million pre-bankruptcy payments

Lehman Brothers seeks approval of claims resolution procedures

Schulte Roth & Zabel LLP
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USA
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March 17 2010

On March 15, 2010 Lehman Brothers Holdings, Inc. and its affiliated debtors (the “Debtors”) filed a motion (the “Motion”) with the Bankruptcy Court overseeing the Debtors’ Chapter 11 cases (the “Court”) seeking authorization to establish certain claims and alternative dispute resolution procedures designed to expedite the process of reconciling claims filed against the Debtors’ estates

Second Circuit allows post-bankruptcy legal fees based on pre-bankruptcy indemnity agreement

Schulte Roth & Zabel LLP
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USA
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November 13 2009

The United States Court of Appeals for the Second Circuit held on Nov. 5, 2009, that a creditor was entitled to its post-bankruptcy legal fees incurred on a pre-bankruptcy indemnity agreement

Pennsylvania district court denies secured creditors’ right to credit bid in sale auction where debtors had proposed to provide them the “indubitable equivalent” of their claims under plan of reorganization

Schulte Roth & Zabel LLP
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USA
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November 13 2009

On Nov. 10, 2009, a Pennsylvania district court held that secured creditors do not have an absolute right to credit bid their debt under the Bankruptcy Code (the “Code”) in an asset sale conducted pursuant to a “cramdown” plan of reorganization that proposes to provide the secured creditors with the “indubitable equivalent” of their claims

Third Circuit upholds denial of secured creditors’ right to credit bid under reorganization plan

Schulte Roth & Zabel LLP
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USA
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March 25 2010

The U.S. Court of Appeals for the Third Circuit held, in a split decision, on March 22, 2010, that secured creditors do not have a statutory right to credit bid their debt at an asset sale conducted under a “cramdown” reorganization plan

Fifth Circuit shows reorganization investors how to get and keep an expense reimbursement order

Schulte Roth & Zabel LLP
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USA
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September 9 2011

The U.S. Court of Appeals for the Fifth Circuit, on Aug. 16, 2011, affirmed the lower court’s decision authorizing reimbursement of expenses to qualified bidders for a reorganization debtor’s assets