Case Study: In Re River Road

Law360, New York (July 13, 2011, 12:49 PM EDT) -- The United States Court of Appeals for the Seventh Circuit issued its much anticipated decision in In Re River Road Hotel Partners LLC, __ F.3d __ (7th Cir., June 28, 2011). In the closely watched case, the Seventh Circuit declined to follow the Third Circuit’s decision in Philadelphia Newspapers, 599 F.3d 298 (3d Cir. 2010), holding instead that secured lenders have the right to credit bid in “free and clear” asset sales where their liens are being stripped, whether those sales occur under section 363 of...
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