Bankruptcy Update

Justices Affirm Secured Creditor's Right to Credit Bid

, The Legal Intelligencer

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On May 29, the U.S. Supreme Court issued a unanimous decision holding that a debtor cannot obtain confirmation of a Chapter 11 "cramdown" plan that provides for the sale of collateral free and clear of a secured creditor's lien without permitting the lienholder to credit bid at the sale.

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