- 11 U.S.C.
RadLAX Gateway Hotel LLC v. Amalgamated Bank
May
29
2012
Ruling
Plan that stripped a secured creditor of its right to credit bid at a sale of its collateral could not be confirmed.
Procedural posture
A bankruptcy court denied petitioner debtors' request to confirm a "cramdown" bankruptcy plan over respondent lienholder bank's objection, finding that a proposed auction to sell the encumbered asset free and clear of a lien without permitting the bank to credit-bid did not comply with 11 U.S.C.S. § 1129(b)(2)(A)'s requirements for cramdown plans. The U.S. Court of Appeals for the Seventh Circuit affirmed. Certiorari was granted.
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Court
: U.S. Supreme Court