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, Philadelphia, PA, for Appellant/Cross Appellee, Citizens Bank of Pennsylvania.
Alex Freeman, Fred S. Hodara, Abid Qureshi (Argued), Akin, Gump, Strauss, Hauer & Feld, New York, NY, L. Rachel Helyar, Akin, Gump, Strauss, Hauer & Feld, Los Angeles, CA, for Appellant/Cross Appellee, Steering Group of Prepetition Secured Lenders.
Kerry A. Brennan, Rick B. Antonoff, Pillsbury, Winthrop, Shaw & Pittman, Elliot Ganz, Loan Syndications and Trading Association, New York, NY, for Amicus Loan Syndications and Trading Association in support of Appellants.
Jonathan N. Helfat, James M. Cretella, Otterbourg, Steindler, Houston & Rosen, New York, NY, Richard M. Kohn, Ronald Barliant, Goldberg Kohn, Ltd., Chicago, IL, for Amicus Commercial Finance Association in Support of Appellants.
Ann M. Aaronson, Lawrence G. McMichael (Argued), Dilworth Paxson, Philadelphia, PA, for Appellees, Philadelphia Newspapers, LLC, et al.
Ronald S. Gellert, Brya M. Keilson, Gary M. Schildhorn, Eckert, Seamans, Cherin & Mellott, Philadelphia, PA, Ben H. Logan, III (Argued), O'Melveny & Myers, Los Angeles, CA, 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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