Sunnyslope Bankruptcy Case: Bad News For Secured Lenders

Law360, New York (October 9, 2012, 5:14 PM EDT) -- During the past two years there has been an increase in bankruptcy cases within the Ninth Circuit Court of Appeals cramming down plans of reorganization on secured lenders. In one of these cases, In re Sunnyslope Housing Limited Partnership, Case No. 2:11-cv-02579 (D. Az. Sept. 18, 2012), the bankruptcy court confirmed a plan that provided for the payment of the lender’s secured claim over a 40-year period with a substantial balloon payment and a 4.4-percent interest rate.

While this decision was reversed, in part, by the...
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