- 11 U.S.C.
In re Armstrong World Indus.
Dec
29
2005
Ruling
Debtor corporation was denied confirmation of its chapter 11 reorganization plan because the plan's distribution of warrants to equity interest holders over the objection of a class of unsecured creditors violated the absolute priority rule.
Procedural posture
Appellant debtor corporation and two of its subsidiaries filed a chapter 11 petition for bankruptcy. An unsecured creditors committee filed objections to the bankruptcy court's proposed findings and conclusions with the district court. The district court denied confirmation of the bankruptcy reorganization plan. The debtor corporation appealed.
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