To what extent has the expansion of secured credit eliminated unsecured credit as a constitutency with the power to alter the strategies adopted in a chapter 11 case? The evolution of secured credit and claims trading. Secured creditors have assumed the position of the decision maker in restructuring circumstances. How increased creditor control leads to valuation fights as a major aspect of chapter 11 cases. A sale pursuant to a chapter 11 plan is an alternative process that may preclude credit bidding by secured creditors. The rise of secured creditors brings chapter 11 full circle.
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