Two branches ponder 'SARE' role in Ch. 11; single-asset real estate insolvency is the subject of reform bills and will be affected by a Supreme Court ruling on 'new value.'(Bankruptcy)
Article Abstract:
The Bankruptcy Reform Act of 1994 was the first law since the Bankruptcy Code of 1978 to create special relief for creditors with liens against single-asset real estate (SAREs). Bankruptcy Code 101(51B) defines a SARE as a single property generating substantially all of a debtor's income, on which no substantial business is being conducted other than operating the property, with no more than $4 mil in secured debt. This $4 mil limit excluded most debtors, and critics have called for abolition of the limit. SARE case law and bankruptcy reform issues are discussed.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1998
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'Checkout' time for Ch. 11 panel's 'prepack' proposals: NBRC working group hopes harmonization of bankruptcy and securities statues will promote streamlined reorganization plans
Article Abstract:
Prepackaged reorganizations are being reviewed by the Chapter 11 working group of the National Bankruptcy Review Commission. Ideally a prepackaged restructuring blends the advantages of a Chapter 11 restructuring with the strengths of an out-of-court settlement. Though out-of-court workouts are generally preferable to traditional Chapter 11 reorganizations, prepackaging maximizes the best elements of both of these procedures.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1997
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