Summarizing Section 1129(b)(2)(A), the Supreme Court explained that: under clause (i) the secured creditor retains its lien on the property and receives deferred cash payments; under clause (ii), the property is sold free and clear of the lien, "subject to section 3639(k)" and the creditor receives a lien on the sale proceeds; and, under clause (iii) the cramdown plan provides the secured creditor with the "indubitable equivalent" of its claim. The Court also noted that section 363(k) in clause (ii) expressly allows the creditor to credit-bid at the sale, up to the amount of its claim.
Ralph T. Wutscher
McGinnis Tessitore Wutscher LLP
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