Substantially Consummated News Today

Bruce Bennett, a partner in the Los Angeles and New York offices, has been at the helm of many of the largest corporate reorganizations in the United States.

The National Tractor Parts holding establishes that substantial consummation even if distributions are de minimis locks in a consensual plan and prevents post-confirmation plan modification by subchapter V debtors. But this holding does not extend to non-consensual plans

Until 2022, only two federal courts of appeals had weighed in on whether real property may be sold in bankruptcy free and clear of a leasehold interest.