Cohen v. KB Mezzanine Fund II LP (In re SubMicron Sys. Corp.)
Jan
06
2006
Ruling
Asset sale approval was affirmed since the bankruptcy court did not err in characterizing the lenders'financing as debt rather than equity and since the lenders were allowed to credit bid the full face value of their claims against the debtor's estate.
Procedural posture
A creditors' committee in a bankruptcy case brought an adversary proceeding against appellee lenders challenging a sale under 11 U.S.C. § 363(b) of debtors' assets; appellant plan administrator was substituted for the committee. The district court withdrew the reference to the bankruptcy court and approved the sale. The administrator appealed.
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