In the second half of 2017, the distressed and restructuring communities witnessed a slew of key judicial opinions that concern some of the most material and contentious components of today's Chapter 11 landscape, including makewhole premiums and cramdown
interest rates (Momentive Performance Materials), nonconsensual third-party releases (Millennium Health) and plan gifting (Nuverra).
discussing sale in cramdown
context); 7 COLLIER ON BANKRUPTCY, supra
169) For an exploration of how many of Chapter 11's rules are designed to prevent the undervaluation of secured claims, see Anthony Sexton, Indubitably Uncertain: Philadelphia Newspapers and the Role of Valuation Uncertainty in Attempted Cramdown
of All-Equity Plans, 28 EMORY BANKR.
La diferencia que existe entre este tipo de concursos y el ordinario (preventivo) consiste en que (i) no se exigen los pronunciamientos (dictamenes) que debe presentar el deudor emitidos por un contador publico sobre el estado patrimonial del mismo; (ii) la no exigencia de constitucion del comite de acreedores; (iii) no se aplica el cramdown
(decision del destino del deudor realizada por un tercero); y, (iv) quien controla el acuerdo es el sindico.
bankruptcy code serves this purpose by giving the bankruptcy judge the authority to bind all creditors to a restructuring plan approved by a majority of creditors--a cramdown
This edition has a new section on how to determine the cramdown
interest rate for unsecured claims; discussion of the importance of determining a plan proponent's subjective intent in determining whether a plan has been filed in good faith, the enforceability of lock-up agreements relating to confirmation disputes, and the standard for reviewing a determination of equitable mootness; and updated case law on the payment of legal fees for individual creditors' committee members.
He said the new bill still includes provisions that could allow Puerto Rico to cut repayments to creditors without their consent, known as a cramdown
Liberal lawmakers believed the threat of cramdown
would force lenders to the table, giving homeowners real opportunities for debt relief.
Among other rulings, Judge Drain approved the cramdown
provisions of the plan applying the U.
refers to a plan confirmed over the objection of at least one class of creditors.
Policy may also encourage lender renegotiation by giving more bargaining power to borrowers in these instances, through legal procedures such as bankruptcy and cramdown
410 (1992)) (prohibiting cramdown
while stating that the Dewsnup opinion "lends support to this view that bifurcation is impermissible"), aff'd, 508 U.