Subject: Ungaretti & Harris LLP Client Update
From: "Ungaretti & Harris LLP" <[email-masked]>
To: <[email-masked]>
Date: Thu, 30 Jun 2011 14:21:49 -0500

Finance and Restructuring Update

Seventh Circuit Hands Secured Lenders a Major Victory - Splits the Circuits by Holding that Secured Creditors Have Right to Credit Bid Under Plan Sales

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George R. Mesires

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On June 28, 2011, the United States Court of Appeals for the Seventh Circuit affirmed the Bankruptcy Court for the Northern District of Illinois’ decision and held that a secured creditor has a statutory right to credit bid its debt in the sale of assets proposed under a non-consensual plan of reorganization pursuant to Section 1129(b)(2)(A) of the Bankruptcy Code. The latest Ungaretti & Harris LLP Finance and Restructuring Client Update focuses on the significance of this case.

Click here to read the update.

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