The court denied confirmation of the debtor’s plan, finding that: (i) the debtor failed to demonstrate that it would be able to obtain financing to
The bank had loaned money to two affiliated borrowers.
The single-asset chapter 11 debtor sought approval from the Bankruptcy Court to borrow funds from a new lender, and grant the new lender superpriority status over the liens of the debtor’s pre-petition secured lender.
The principal officers of a small group of related investment funds had invested money in impermissible investments, received kickbacks, and inflated investment results, to the extent that the funds eventually had to be closed down.
The debtor, the developer of a retail shopping center, executed: (i) a mortgage securing the property, and (ii) an assignment of all rents from the property, in favor of its lender.
A chapter 11 debtor sought confirmation of its reorganization plan, over the objections of its oversecured commercial mortgage lender.
The Seventh Circuit examined the merits of a preference action filed against LaSalle Bank in its capacity as the trustee of a securitized investment pool, and determined as a matter of first impression that the trustee of a securitized investment pool could be a “transferee” as that term is used under Section 550(a)(1) of the Bankruptcy Code.
A secured creditor in a chapter 11 case objected to the confirmation of the reorganization plan of the debtor, arguing that the proper "cramdown" interest rate (court-modified rate) was the pre-petition contractual default rate, rather than the significantly lower cramdown rate.
A member of the Board of Managers of a limited liability company settled a lawsuit against the LLC, receiving partial payment four months prior to the LLC filing its petition for chapter 11 bankruptcy.