Per Plan Or Per Debtor? New Ruling Has Precedential Value

Law360, New York (February 2, 2018, 12:07 PM EST) -- On Jan. 25, 2018, the Ninth Circuit held that Section 1129(a)(10) of the Bankruptcy Code, which requires that to confirm a plan there must be at least one impaired accepting class, applies on a “per‑plan” basis, rather than a “per-debtor” basis. The case is Grasslawn Lodging LLC v. Transwest Resort Properties Inc. et al. (In re Transwest Resort Properties Inc.).[1] The opinion is significant because under a “per-plan” approach, only a single impaired accepting class is required among all debtors covered under a joint plan. In other...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.