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Expert Analysis

Indy Downs: Lock-Up Agreements Are A Valuable Tool

Law360, New York (February 8, 2013, 1:30 PM EST) -- On Jan. 31, 2013, the bankruptcy court for the District of Delaware issued an opinion that approved the confirmation of the proposed plan in In re Indianapolis Downs LLC. The Indianapolis Downs opinion provided substantial guidance on the permissibility of post-petition "lock-up" agreements — an area of prior uncertainty, particularly in Delaware.[1] Also referred to as restructuring support agreements or plan support agreements, such agreements provide that if a plan contains certain terms then the parties to the agreement will support the plan. These agreements are often critical in ensuring that the constituents who negotiate a plan actually vote for the plan....

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