A Lesson On Good Faith Artificial Impairment

Law360, New York (December 12, 2011, 10:12 AM EST) -- One of the most frequent questions asked by a secured creditor or potential buyer of a secured note is whether a debtor, through a Chapter 11 plan, can modify the terms of the note. The answer always includes recitation of the plan confirmation requirements of section 1129, such as the best interest test, the absolute priority rule, etc. One of the plan confirmation requirements, having an impaired class which votes, not counting insiders, for the plan (1129(a)(10)) just may have gotten easier to satisfy.

To satisfy...
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