The United States Bankruptcy Court converted a case from Chapter 11 to Chapter 7 at a hearing on the proposed disclosure statement. The debtor appealed, alleging that it had a right to seek confirmation of its proposed plan. The…
Chapter 11 Cramdown Plan Not Confirmable Because It Did Not Provide Opportunity for Bank to Credit Bid
The United States Supreme Court (Scalia, J.) held that a a Chapter 11 cramdown plan could not be confirmed over objection of secured creditor, where the plan called for the sale of collateral free and clear of the Bank’s lien,…