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Till in Chapter 11 Cases and the Looming “Efficient Market” Debate


The determination of cram-down interest rates in chapter 11 is not settled law, but a consensus may be developing. However, courts have yet to fully converge on the impact of Till v. SCS Credit Corp. and the methodology for determining cram-down interest rates. Further, as capital markets normalize, the controversial Till Footnote 14, which hints at the question of an “efficient market,” will become more relevant. 

The July 2013 American Bankruptcy Institute Journal feature article, co-authored by professionals of Deloitte CRG and McCathern PLLC, provides a summary of the U.S. Supreme Court’s Till decision and a survey of the Federal Circuits’ application of Till, beginning with the Fifth Circuit’s recent ruling in Texas Grand Prairie Hotel Realty, as well as what guidance exists to define and evaluate an efficient market and the influence an efficient market may have on the determination of cram-down interest rates.

Download to read the full article, published with permission from the American Bankruptcy Institute Journal.


As used in this document, “Deloitte” means Deloitte LLP and its subsidiaries. Please see for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.

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