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Cadwalader Wickersham & Taft LLP | USA | 21 Sep 2007

Pre-plan settlements that violate the absolute priority rule may face obstacles

In Motorola, Inc. v. Official Committee of Unsecured Creditors (In re Iridium Operating LLC), 478 F.3d 452 (2d Cir. 2007), the Official Committee of Unsecured Creditors (the “Committee”) and the debtors’ lenders sought approval of a settlement prior to confirmation of a plan of reorganization.

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