River Road Makes Case Against Credit Bidding In High Court

Law360, New York (April 23, 2012, 6:14 PM EDT) -- River Road Hotel Partners LLC on Monday told the U.S. Supreme Court that its Chapter 11 plan does not have to allow credit bidding by lender Amalgamated Bank at auction, saying the practice is not required as long as lenders receive a fair equivalent to their secured claims.

The high court heard oral arguments from River Road, which is seeking to overturn the Seventh Circuit's denial of its proposed asset sale because it says there is no absolute right to credit bidding, as well as Amalgamated...
To view the full article, register now.