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Friday, February 18, 2011

Ind. Decisions - One bankruptcy law ruling from 7th Circuit today

In In the matter of: UAL Corp., a 25-page opinion, Judge Hamilton writes:

A claims trader buys claims against bankrupt debtors from creditors at a discount. See In re Kreisler, 546 F.3d 863, 864 (7th Cir. 2008). This appeal addresses how purchased claims can be affected by a debtor’s decision to assume or reject executory contracts from which those claims arose. We affirm the district court’s judgment holding that the purchaser of a prepetition unsecured claim arising from executory contracts is not entitled to a “cure” that would pay it 100 cents on the dollar for the claim because the debtor did not assume the executory contracts at issue.

Posted by Marcia Oddi on February 18, 2011 11:08 AM
Posted to Ind. (7th Cir.) Decisions