Insolvency and Restructuring Update
In re Philadelphia Newspapers, LLC: Third Circuit Court of Appeals Denies Secured Creditors’ Right to Credit Bid in Sale Pursuant to a Plan of Reorganization

Created date

In a much anticipated decision, on March 22, 2010, a split panel of the United States Court of Appeals for the Third Circuit affirmed a District Court decision holding that a debtor may bar its secured creditors from credit bidding at a sale of substantially all of the debtor’s assets conducted pursuant to a chapter 11 plan of reorganization.