In this Issue:

• Detroit Gets a Fresh Start and Pension Debt is at Risk
• UK Supreme Court Finds Certain Pension Liabilities Are Not Entitled to Priority Treatment, in Nortel and Lehman Decisions
• Amount of Credit Bid Must Be Included in Calculation of Quarterly Fee
• Delaware Chancery Court Evaluates ‘Public, Commercially Reasonable’ Foreclosure Sale Under UCC
• Parent Obligor Can Pledge Subsidiary’s Collateral with Subsidiary’s Knowledge and Consent
• Lender’s Use of Debtor’s Valuation Judicially Estops Lender from Making Value Objection
• Bondholders Bound by ‘No Action’ Clause in Unitranche Financing Documents

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