It Depends On The Meaning Of ‘Or’

Law360, New York (January 9, 2012, 6:47 PM EST) -- A circuit split has developed after the Seventh Circuit Court of Appeals recently held in River Road Hotel Partners LLC[1] that the Bankruptcy Code does not permit a debtor to sell assets free and clear of liens in connection with a plan of reorganization without affording the secured lender the opportunity to enter a credit bid at the auction of the assets.[2] The Seventh Circuit in River Road disagreed with the recent decision of the Third Circuit Court of Appeals in Philadelphia Newspapers LLC.[3]

In Philadelphia...
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