In a case in the Eastern District of Michigan a debtor proposed a Chapter 11 plan that purported to give the debtor’s equity holder a 100% interest in the reorganized debtor in exchange for waiving his prepetition claim for $1.35…
Kelley Transit’s Parent Company to Emerge from Bankruptcy Following Confirmation of Chapter 11 Plan
Press Release from Kelley Transit For Immediate Release January 8, 2013 (Bridgeport, Connecticut) United States Bankruptcy Judge (Hon. Alan H.W. Shiff) approved today the Chapter 11 plan of reorganization for Connecticut based Nason Partners, LLC, the operator of Kelley Transit…
Chapter 11 Plan Selling Assets Free & Clear Cannot Be Confirmed Over Objection Of Secured Creditor Without Right To Credit Bid.
INTRODUCTION On May 29, 2012, the United States Supreme Court held that a a Chapter 11 cramdown plan can not be confirmed over the objection of secured creditor, where the plan called for the sale of collateral free and clear…