Tag Archives: General Motors

The Not-So-Secured Right to Credit Bid

On March 22, 2010, the Third Circuit Court of Appeals, which covers the districts of New Jersey, Pennsylvania and Delaware, issued a decision that is of ground breaking importance to secured lenders. This decision arises out of the Philadelphia Newspapers, LLC1 bankruptcy case pending in the Eastern District of Pennsylvania and seriously affects the right of secured lenders to credit bid in a sale effected in connection with a plan of reorganization.