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Expert Analysis

There's No Stopping Credit Bidding

Law360 (January 3, 2011, 3:14 PM EST) -- In the River Road Hotel Partners LLC Chapter 11 proceeding, a bankruptcy judge in the Northern District of Illinois rejected an attempt to restrict the secured lender's ability to credit bid at a sale of the debtors' assets. In a decision issued on Oct. 5, 2010, Bankruptcy Judge Bruce Black denied the debtors' motion to approve procedures for the sale of substantially all of their assets in connection with a proposed plan of reorganization. The motion had sought to preclude credit bidding both as a matter of law and also "for cause," based on the facts and circumstances of the case....

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