River Road Takes Blocked Asset Sale To High Court

Law360, New York (August 15, 2011, 7:55 PM EDT) -- Bankrupt River Road Hotel Partners LLC this month appealed its rejected asset sale to the U.S. Supreme Court, asking it to determine whether Chapter 11 plans need to allow credit bidding by secured lenders in order to be fair and equitable.

In a petition for writ of certiorari filed Aug. 5 with the Supreme Court, River Road-related entities RadLAX Gateway Hotel LLC and RadLAX Gateway Deck LLC said the Seventh Circuit erred when it denied their proposed asset sale, which did not allow credit bidding but...
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