In his Bankruptcy Practice column, John J. Rapisardi, a partner at Cadwalader, Wickersham & Taft, writes: Although the court did not give voice to the broader policy interests that favor a secured creditor's right to credit bid, 'RadLAX' unequivocally and correctly holds that a debtor cannot confirm a plan that seeks to sell collateral without granting the secured creditor that right. This decision is a resounding victory to secured creditors and provides much-needed clarity to investors and practitioners regarding one of the most critical facets of Chapter 11 practice.
Supreme Court Affirms Secured Creditors' Right to Credit Bid at Plan Sales
New York Law Journal
July 5, 2012
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