How Secured Are Secured Creditors? The Changing Landscape of Chapter 11 Plan Confirmation

This panel provides a review and analysis of § 1129(a) and (b) confirmation standards focused on recent developments affecting senior and junior secured creditors, including the ABI Commission Report. Discussed are Momentive Performance issues, including cramdown interest rates at below-market rates even when market rates exist, the extent of the subordination of senior subordinated noteholders, the enforceability of make-whole payment provisions in chapter 11 plans, and intercreditor and cramdown issues.