News & Analysis as of

Credit Bids

Kramer Levin Naftalis & Frankel LLP

Delaware Bankruptcy Court Dismisses Committee’s Complaint Challenging Portion of Credit Bid

Recently, in Official Comm. of Unsecured Creditors v. Victory Park Capital Advisors, LLC (In re Katy Indus., Inc.), Case No. 17-50937 (Bankr. D. Del. July 6, 2018), the Bankruptcy Court for the District of Delaware dismissed...more

Snell & Wilmer

Arizona Supreme Court Holds a Credit Bid at a Trustee’s Sale Should Not be Credited to a Title Insurer Under a Standard Lender’s...

by Snell & Wilmer on

The Arizona Supreme Court recently addressed what impact, if any, a lender’s credit bid at an Arizona trustee’s sale has on an insurer’s liability under Sections 2, 7 and 9 of the standard’s lender’s title policy (“Policy”),...more

Saul Ewing Arnstein & Lehr LLP

Credit Bidding Not Quite So Risky After All

Initially it seemed a universal truth that the holders of senior secured debt, regardless of whether purchased at a discount, had the right to credit bid at a Bankruptcy Code section 363 sale of their collateral, the face...more

Spilman Thomas & Battle, PLLC

Highmark Properties Revisited: Lender Credit Bids

The dust has yet to settle on the landmark decision of High Point Bank & Trust Co. v. Highmark Properties, LLC, 776 S.E.2d 838 (N.C. 2015). Before delving into the decision that should serve as a harbinger of imminent and...more

Carlton Fields

Real Property, Financial Services & Title Insurance Update: Week Ending September 18, 2015

by Carlton Fields on

REAL PROPERTY UPDATE - Default Judgment/Voidable: because default judgment was merely voidable, rather than void, where complaint upon which judgment was based failed to state a cause of action, Rule 1.540(b) was not...more

Cooley LLP

Alert: US Spectrum Auction Presents Investment Opportunity

by Cooley LLP on

On March 29, 2016, the Federal Communications Commission ("FCC") will begin its Television Broadcast Incentive Auction. Television broadcasters will first bid in a "reverse" auction to return their spectrum to the government...more

BakerHostetler

The ABI Commission on Business Bankruptcy Reform: The Sale of All or Substantially All of the Debtor's Assets and Proposed...

by BakerHostetler on

This is the fifth in a series of Alerts regarding the proposals made by the American Bankruptcy Institute Commission to Reform Chapter 11 Business Bankruptcies. This alert covers the Commission’s recommendations regarding the...more

Pepper Hamilton LLP

Credit Bidding: Not An Absolute Right (And What Does That Mean?)

by Pepper Hamilton LLP on

In re RML Dev., Inc., 528 B.R. 150 (Bankr. W.D. Tenn. 2014) – A mortgagee sought to modify a sale order to (1) modify the bid procedures and (2) confirm that it had a right to credit bid. The debtor obtained a court...more

Quinn Emanuel Urquhart & Sullivan, LLP

Bankruptcy & Restructuring Litigation Update - May 2015

New Bankruptcy Challenges for Secured Creditors. The Bankruptcy Code provides secured creditors with significant advantages over their unsecured counterparts. During the past year, however, courts have chipped away at secured...more

Dechert LLP

Recent Developments in Acquisition Finance

by Dechert LLP on

Recent legal and regulatory developments have raised issues for those considering a loan-to-own acquisition strategy, and have continued to impact both the structure of highly leveraged financings and the makeup of those...more

Orrick, Herrington & Sutcliffe LLP

Overview and Analysis of Select Provisions of the ABI Chapter 11 Reform Commission Final Report and Recommendations

In December, the American Bankruptcy Institute issued its Final Report and Recommendations of the Commission to Study the Reform of Chapter 11. The Report is almost 400 pages long and contains more than 200 recommendations....more

Skadden, Arps, Slate, Meagher & Flom LLP

"Recent Cases Highlight Potential Pitfalls for Distressed Investors"

Despite lower-than-average Chapter 11 activity in 2014, the legal landscape for distressed investors has continued to evolve, with significant legal developments in credit bidding, make-whole premiums and intercreditor...more

Blank Rome LLP

Credit Bid Rights at 363 Sales: Have the Ground Rules Changed?

by Blank Rome LLP on

The decisions by the Bankruptcy Court for the District of Delaware in In re Fisker Auto. Holdings, Inc., and the Bankruptcy Court for the Eastern District of Virginia in Free Lance-Star Publ'g Co., have sparked discussions as...more

Pepper Hamilton LLP

Credit Bid (Round 2): What Does It Take to Show “Cause”?

by Pepper Hamilton LLP on

In re Charles Street African Methodist Episcopal Church of Boston, 510 B.R. 453 (Bankr. D. Mass. 2014) – In connection with a proposed sale of real property, a chapter 11 debtor sought to prohibit the mortgagee from...more

Allen Matkins

Is there a Serious Threat to a Secured Creditor's Right to Credit Bid at Bankruptcy Sales, or Is the Impact of Recent Cases...

by Allen Matkins on

The right to credit bid is one of the most important protections afforded a secured creditor. Recognized under both state and bankruptcy law, the right to credit bid safeguards against undervaluation at an asset sale, whether...more

Stoel Rives LLP

Provision in Lender's Title Insurance Policy Reducing Amount of Insurance by "Payments Made" Does Not Include Lender's Full Credit...

by Stoel Rives LLP on

In the case of Bank of Idaho v. First American Title released June 17, 2014, the Idaho Supreme Court covered some new ground and revisited some old ground....more

King & Spalding

In re Free Lance-Star Publishing Co.—Virginia Bankruptcy Court Restricts Secured Creditor's Ability to Credit Bid

by King & Spalding on

The United States Bankruptcy Court for the Eastern District of Virginia (the “Court”) issued an opinion limiting the ability of a “loan to own” secured creditor to credit bid at an auction for the sale of substantially all ...more

Dechert LLP

The Fisker Case and Its Impact on Distressed M&A

by Dechert LLP on

As is well known, the right to credit bid is the entitlement of a secured lender to bid the amount of its outstanding claims at the sale of its collateral. If the secured lender places the winning bid, no money is exchanged...more

Bond Schoeneck & King PLLC

Just When Secured Creditors Thought it Was Safe to Credit Bid Again . . . .

by Bond Schoeneck & King PLLC on

The ability of a secured creditor to credit bid at a bankruptcy sale was recently called into question (again) in a January 17, 2014 decision by Bankruptcy Judge Kevin Gross in the In re Fisker Automotive Holdings, Inc....more

King & Spalding

In re Fisker Automotive Holdings, Inc.—Delaware District Court Refuses to Hear Distressed Investor’s Appeal of Order Limiting...

by King & Spalding on

On January 17, 2014, the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) entered an order in the Fisker Automotive (“Fisker”) chapter 11 bankruptcy cases limiting the ability of Fisker’s...more

Mintz

Are Credit Bids in a Deep Freeze?

by Mintz on

A Delaware bankruptcy court recently limited a secured creditor’s right to credit bid an acquired claim to the purchase price of that claim. In In re Fisker Auto. Holdings, Inc., 2014 Bankr. LEXIS 230 (Bankr. D. Del. January...more

Cadwalader, Wickersham & Taft LLP

2012 Year In Review – Part 1

In This Issue: - March 9, 2012: Publication of Dynegy Examiner’s Report - March 29, 2012: SDNY Rules That 363 Sales May Not Be Free and Clear of Future Claims - May 15, 2102: Eleventh Circuit Rules in...more

Sands Anderson PC

SCOTUS: Secured Creditors Cannot Be Denied the Right to Credit-Bid

by Sands Anderson PC on

On May 29, 2012, the United States Supreme Court decided Radlax Gateway Hotel, LLC v. Amalgamated Bank, ruling that secured creditors cannot be denied the right to credit-bid on the sale of property or assets in the context...more

Dechert LLP

SCOTUS' RadLAX Decision Affirms Lenders' Rights to Credit Bid in Chapter 11

by Dechert LLP on

May a Chapter 11 plan permit a debtor to auction property free and clear of a creditor’s lien while preventing that creditor from credit-bidding the amount of its debt? A question that split the U.S. Circuit Courts was...more

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