- 11 U.S.C.
Northwestern Mutual Life Ins. Co. v. Delta Air Lines Inc. (In re Delta Air Lines Inc.)
Sep
29
2008
Ruling
Bankruptcy court properly upheld debtor's objections to claims for payment under tax indemnification agreements where plan provision for payment with stock of reorganized debtor was forseeable.
Procedural posture
Appellee debtor, an airline, filed a petition under chapter 11 of the Bankruptcy Code, and appellant claimants filed claims seeking payment of approximately $ 1 billion based on tax indemnification agreements (TIAs) the debtor and the claimants entered. The Bankruptcy Court for the Southern District of New York upheld the debtor's objections to the claims, and the parties filed cross-appeals.
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Court
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