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Supreme Court Holds Secured Creditor Has Absolute Right to Credit Bid at a Plan Sale
June 4, 2012
Whether a secured creditor has an absolute right to credit bid at a sale under a chapter 11 plan has been the subject of conflicting decisions rendered by the Third, Fifth and Seventh Circuits. The United States Supreme Court has resolved these inconsistent rulings with a decision which affirmed the Seventh Circuit's holding that a secured creditor has an absolute right to credit bid in a sale under a chapter 11 plan.