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Seventh Circuit disagrees with Philadelphia Newspapers and finds that credit bidding required for asset sales in bankruptcy plans
  • Latham & Watkins LLP
  • USA
  • July 18 2011

When entering into secured transactions, most secured lenders long assumed that, even in a bankruptcy, their borrowers would not be able to sell encumbered assets free and clear of the lenders’ liens without the lenders’ consent or, without at least providing the lenders the opportunity to bid their secured debt at an auction.

Joel H. Trotter
  • Latham & Watkins LLP

Matthew L. Warren
  • Latham & Watkins LLP

Andrew J. Mellen
  • Latham & Watkins LLP

Caroline A. Reckler
  • Latham & Watkins LLP

Josef S. Athanas
  • Latham & Watkins LLP