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Expert Analysis

How Landlord Rejection Damages Are Capped: Del. Weighs In

Law360, New York (June 11, 2015, 9:56 AM EDT) -- In In re Filene's Basement LLC,[1] the United States Bankruptcy Court for the District of Delaware considered the rejection damages a landlord claimant was entitled to pursuant to Section 502(b)(6) of the Bankruptcy Code after the debtor rejected its lease as part of its reorganization plan. Section 502(b)(6) caps a landlord's damages for the rejection of a lease at "the rent reserved by such lease, without acceleration, for the greater of one year, or 15 percent, not to exceed three years, of the remaining term of such lease" plus "any unpaid rent due under such lease, without acceleration ..." (emphasis added)....

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