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Does the Bankruptcy Code require credit bidding any time a sale of assets occurs under a plan? That question was posed recently during oral argument before the U.S. Court of Appeals for the Third Circuit in In re Philadelphia Newspapers, LLC.1 As of the deadline for this article, that question remains unanswered by the Third Circuit. However, the district court in that case, as well as the Fifth Circuit in its September 2009 ruling in In re Pacific Lumber Co.,2 have held in the negative. Consequently, secured lenders may no longer be able to rely on their long-established right to credit bid in a sale of collateral pursuant to a bankruptcy plan of reorganization.

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