IN RE: PHILADELPHIA NEWSPAPERS, LLC, ET AL.
CITIZENS BANK OF PENNSYLVANIA; STEERING GROUP OF PREPETITION SECURED LENDERS, Appellants.
IN RE: PHILADELPHIA NEWSPAPERS, INC.,
OFFICIAL COMMITTEE OF UNSECURED CREDITORS, CITIZENS BANK OF PENNSYLVANIA; STEERING GROUP OF PREPETITION SECURED LENDERS, Official Committee of Unsecured Creditors, Appellant.
United States Court of Appeals, Third Circuit.https://leagle.com/images/logo.png
Argued December 15, 2009.
Filed: March 22, 2010.
Attorney(s) appearing for the Case
David F. Abernethy, Andrew J. Flame, Andrew C. Kassner, Alfred W. Putnam, Jr. (Argued), Drinker, Biddle & Reath, 18th & Cherry Streets, One Logan Square, Philadelphia, PA 19103, Counsel for Appellant/Cross Appellee.
Citizens Bank of Pennsylvania, Alex Freeman, Fred S. Hodara, Abid Qureshi (Argued), Akin, Gump, Strauss, Hauer & Feld, One Bryant Park, New York, NY 10036, L. Rachel Helyar, Akin, Gump, Strauss, Hauer & Feld, 2029 Century Park East, Suite 2400, Los Angeles, CA 90067, Counsel for Appellant/Cross Appellee Steering Group of Prepetition Secured Lenders.
Kerry A. Brennan, Rick B. Antonoff, Pillsbury, Winthrop, Shaw & Pittman, 1540 Broadway, 9th Floor, New York, NY 10036,
Elliot Ganz, Loan Syndications and Trading Association, 366 Madison Avenue, New York, NY 10017, Counsel for Amicus Loan Syndications and Trading Association in support of Appellants.
Jonathan N. Helfat, James M. Cretella, Otterbourg, Steindler, Houston & Rosen, 230 Park Avenue, New York, NY 10169,
Richard M. Kohn, Ronald Barliant, Goldberg Kohn, Ltd., 55 East Monroe Street, Suite 3300, Chicago, IL 60603, Counsel for Amicus Commercial Finance Association in Support of Appellants.
Ann M. Aaronson, Lawrence G. McMichael (Argued), Dilworth Paxson, 1500 Market Street, Suite 2500E, Philadelphia, PA 19102, Counsel for Appellees Philadelphia Newspapers, LLC, et al.
Ronald S. Gellert, Brya M. Keilson, Gary M. Schildhorn, Eckert, Seamans, Cherin & Mellott, 50 South 16th Street, Two Liberty Place, 22nd Floor, Philadelphia, PA 19102,
Ben H. Logan, III (Argued), O'Melveny & Myers, 400 South Hope Street, 15th Floor, Los Angeles, CA 90071, Counsel for Appellee/Cross Appellant Official Committee of Unsecured Creditors.
Before: AMBRO, SMITH and FISHER, Circuit Judges.
United States Court of Appeals, Third Circuit.
OPINION
FISHER, Circuit Judge.
We are asked in this appeal to decide whether Section 1129(b)(2)(A) of the Bankruptcy Code requires that any debtor who proposes, as part of its plan of reorganization, a sale of assets free of liens must allow creditors whose loans are secured by those assets to bid their credit at the auction. Because subsection (iii) of Section 1129(b)(2)(A) unambiguously permits a debtor to proceed with any plan that provides secured lenders...
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