Today, the U.S. Court of Appeals for the Third Circuit will hear oral argument in a closely watched bankruptcy appeal in In re Philadelphia Newspapers, LLC. This case has called into question certain well-established secured lender protections typically available in the context of the sale of collateral or other treatment pursuant to a plan of reorganization. If the Third Circuit affirms the district court decision, it will adversely shift the landscape for secured lenders, potentially eviscerating their right to exercise important economic decisions with respect to their collateral in the plan context.
Secured Lender Protections
The Bankruptcy Code provides a number of vital secured creditor protections, including the right to credit bid in a sale pursuant to Bankruptcy Code §§363(k) and 1129 and the right to elect to treat their claim as fully secured under §1111(b).
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