Excerpt from Practical Guidance

Understanding The Rules Of Bankruptcy Cramdown

Law360, New York (September 4, 2013, 3:31 PM EDT) -- While acceptance of a Chapter 11 plan by each class of impaired claims or equity interests is required under Section 1129(a)(8) in order for the plan to be consensually confirmed under Section 1129(a), Section 1129(b)(1) provides that a plan that satisfies all of the other applicable provisions of Section 1129(a) may be confirmed despite the rejection of the plan by a class or classes.

In order for such a plan to be confirmed under Section 1129(b), the plan must meet two criteria: The plan (1) must not unfairly discriminate and (2) must be fair and equitable.

These tests only apply to...

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