River Road Asks 7th Circ. To Let It Block Credit Bids

Law360, New York (April 7, 2011, 9:06 PM EDT) -- An attorney for River Road Hotel Partners LLC tried Thursday to convince the Seventh Circuit that the bankrupt chain should be allowed to block lenders from credit bidding on two luxury hotel properties.

At stake is whether secured creditors have an absolute right to credit bid when debtors are trying to sell their assets pursuant to a plan under the Bankruptcy Code. David Neff of Perkins Coie LLP, who represents River Road, said during oral arguments before a three-judge panel in the U.S. Court of Appeals...
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