A New Chapter 11 Could Impair Creditor Rights

In their Secured Transactions column, Alan M. Christenfeld, senior counsel at Clifford Chance, and Barbara M. Goodstein, a partner at Mayer Brown, write: The current version of the U.S. Bankruptcy Code, which has been in effect since 1978, has been the only federal bankruptcy law that most secured transactions and workout professionals now in practice have ever needed to know. That may change in the not-too-distant future, however, if the American Bankruptcy Institute has anything to say about it.

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