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Lehman claims update: LBI and LBIE announce agreement in principle to resolve all claims

  • Schulte Roth & Zabel LLP
  • -
  • USA
  • -
  • October 5 2012

The SIPC Trustee for Lehman Brothers Inc. ("LBI") and the Joint Administrator of Lehman Brothers International (Europe) ("LBIE") today announced an agreement in principle to resolve all claims, approximately $38 billion in the aggregate, between their respective entities

Supreme Court affirms secured creditors’ credit bid rights under plan

  • Schulte Roth & Zabel LLP
  • -
  • USA
  • -
  • June 1 2012

The United States Supreme Court unanimously held that secured creditors have a statutory right to credit bid their debt at an asset sale conducted under a so-called "cramdown" plan

Seventh Circuit upholds secured creditors' credit bid rights under plan

  • Schulte Roth & Zabel LLP
  • -
  • USA
  • -
  • July 5 2011

On June 28, 2011, 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 "cramdown" plan

Bankruptcy court permits second lien creditor to oppose bid procedures for judicial sale

  • Schulte Roth & Zabel LLP
  • -
  • USA
  • -
  • November 4 2010

A New York bankruptcy judge held on October 4, 2010, that second lien lenders could object to a debtor’s bid procedures approved by the first lien lenders despite the terms of an intercreditor agreement in In re Boston Generating, LLC, No. 10-14419 (SCC) (Bankr. S.D.N.Y. Oct. 4, 2010

Third Circuit refines break-up standard

  • Schulte Roth & Zabel LLP
  • -
  • USA
  • -
  • February 4 2010

Break-up fees remain difficult for initial (or so-called "stalking horse") bidders to obtain in the Third Circuit