Supreme Court Affirms Secured Creditors' Right to Credit Bid at Plan Sales

, New York Law Journal


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.

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