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Showing 1 post in Modifications.

9019 Settlement Constituted Plan Modification; Third Circuit Remands to Bankruptcy Court For Consideration Under Section 1127

In re SCH Corp., No. 14-2888, 2015 WL 756552 (3d Cir. Feb. 24, 2015)

In April, the District Court affirmed an oral ruling of the Bankruptcy Court issued in the In re SCH Corp. post-confirmation bankruptcy proceedings, approving under Bankruptcy Rule 9019 and the Martin factors a post-confirmation settlement (the “Settlement”) reached between the debtors’ post-confirmation “Responsible Officer” and a subsidiary (“NCG”) of the debtors’ plan proponent and sponsor, secured lender, and asset acquiror (“LLCP”).  Our analysis of that ruling can be found here.  In this recent Opinion of the Third Circuit, the Court of Appeals vacated the District Court’s order, finding the Settlement to be a plan modification under section 1127 of the Bankruptcy Code, a secondary argument made by the appellants, the “CFI Claimants”, which was not addressed in detail before either the Bankruptcy or the District Courts. Read More ›