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Assuming that there is no immediate need for new cash, chapter 11 has the potential to be an owner-controlled process, from the commencement of a voluntary case to being in sole control of the decision to sell assets under Section 363 of the Bankruptcy Code. This control, for at least some time, even provides the owner with the exclusive right to file a reorganization plan which may reinstate or impair and potentially cramdown debt, particularly over-secured debt. In response, lenders have sought to limit their risk of bankruptcy, through isolating their borrower, as well as their collateral, from business operations. The clash of these two perspectives is the focal point of a recent decision, General Growth Properties.1

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