In an opinion that has created the most significant bankruptcy-related circuit split in recent years, the U.S. Court of Appeals for the Seventh Circuit in In re River Road Hotel Partners, LLC1 vindicated secured lenders’ unqualified right to credit bid on asset sales under a chapter 11 plan. The Seventh Circuit in River Road rejected the rationale of the U.S. Court of Appeals for the Third Circuit in In re Philadelphia Newspapers, LLC. Continue reading
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