Single Asset Real Estate Cramdown: Analyzing Rights in Related Collateral and Per-Plan vs. Per-Debtor Acceptance
Navigating Plan Confirmation Challenges for Real Estate Debtors and Senior Mortgage Lenders

Course Details
- smart_display Format
On-Demand
- signal_cellular_alt Difficulty Level
Intermediate
- work Practice Area
Bankruptcy
- event Date
Tuesday, November 19, 2024
- schedule Time
1:00 p.m. ET./10:00 a.m. PT
- timer Program Length
90 minutes
-
This 90-minute webinar is eligible in most states for 1.5 CLE credits.
This CLE course will present suggested approaches for commercial real estate debtors and senior mortgage lenders to deal with single asset real estate (SARE) entities. Single asset real estate is defined in the Bankruptcy Code as a single property or project that generates substantially all of the debtor’s gross income (§ 101(51B), Bankruptcy Code). A SARE typically includes the following types of properties: Shopping centers, Office buildings, Apartment Buildings and Industrial and warehouses.
The program will look at the SARE requirements, meaning of a non-insider impaired accepting class and analyze the per-plan vs. per-debtor approaches under Sec. 1129, as well as fights over rights in rents and insurance proceeds.
Faculty

Mr. Fritz was named a partner at Levene, Neale, Bender, Yoo & Golubchik L.L.P. in January 2016. He advises clients as chapter 11 debtors in possession, purchasers, post-petition lenders, creditors, committees, and litigants in bankruptcy related matters. Mr. Fritz represents clients in all industries, including hotels and hospitality, commercial real estate, food production, restaurants, retail, manufacturing, construction, and entertainment and film. He is also a Subchapter V Trustee for Chapter 11 Small Business Reorganizations. Mr. Fritz has been named a “Super Lawyer” and “Rising Star” by Super Lawyers and has served on the board of multiple professional bankruptcy organizations for many years.

For over 20 years, Mr. Amann has principally represented creditors and small businesses in complex litigation cases in bankruptcy and federal courts. Prior to Amann Burnett, PLLC, from 2009 to 2022, Mr. Amann was the Head of the Litigation and Bankruptcy Groups while with Braucher & Amann, PLLC and Craig, Deachman & Amann, PLLC. Prior to that, he was the Managing Attorney at a Boston-based law firm supervising over 10 attorneys and a staff of 40 paralegals; his responsibilities ranged from case management, macro and micro litigation strategy, lead counsel on adversary proceedings, client relations and development, and oversight of Foreclosure, REO and Evictions throughout New England.

Mr. Deutsch works in the Financial Restructuring Group and typically represents institutional investors, financial institutions, agents, and indenture trustees in out-of-court and in-court restructurings across a wide range of industries. He has particular experience in cross-border matters and is highly regarded by clients for his hard work and pragmatism. Mr. Deutsch's recent experience includes ongoing representations of lender groups with substantial exposures to Latin America energy projects. He has also advised a number of crypto-related companies and investors with respect to crypto company insolvency and bankruptcy risks and issues, including in connection with troubled crypto-banks exposures; and one of the world's largest banks in connection with its massive multi-faceted tech exposure to Diebold Nixdorf.
Description
SARE debtors must file a plan that has a reasonable possibility of being confirmed or risk lifting the automatic stay in favor of the secured lender. In addition, approval of a cramdown plan by a SARE entity requires that at least one class of "impaired" creditors, excluding “insiders,” votes to accept the plan. Practitioners representing clients in SARE bankruptcies must navigate the SARE rules and the impaired creditor rules and keep abreast of the evolving case law developments impacting plan cramdown. The SARE debtor does not need to demonstrate that its plan will actually be confirmed and is not required to present the same level of evidence that is required at a confirmation hearing. It must produce enough evidence at a hearing to lift the automatic stay that there is a reasonable possibility to confirm the plan in a reasonable period of time. See, In re Bonner Mall P’ship, 2 F. 3d 899 (9th Cir. 1993); In re Trigee Found., Inc., 2013 WL 1401889 (Bankr. D.D.C. Apr. 8, 2013)).
Increasingly disputes are centered around rights in related collateral, such as rents and insurance proceeds, whether creditors are “insiders,” and artificial impairment.
Listen as our authoritative panel of bankruptcy attorneys guides you through the morass of complexities facing debtors and senior mortgage lenders in plan cramdown involving SAREs.
Outline
- Overview of SARE and plan cramdown rules
- Impaired accepting class
- Per-plan vs. per-debtor approaches
- Perspectives for the secured mortgage lenders
- Perspectives for the debtor/borrower
Benefits
The panel will review these and other key issues:
- What hurdles do the SARE rules impose for real estate debtors?
- How do the SARE rules impact the viability of Chapter 11 as a restructuring strategy?
- How does the application of the per-plan or per-debtor approach impact the secured lender's ability to look only to their specific borrower for repayment of the loan?
Unlimited access to premium CLE courses:
- Annual access
- Available live and on-demand
- Best for attorneys and legal professionals
Unlimited access to premium CPE courses.:
- Annual access
- Available live and on-demand
- Best for CPAs and tax professionals
Unlimited access to premium CLE, CPE, Professional Skills and Practice-Ready courses.:
- Annual access
- Available live and on-demand
- Best for legal, accounting, and tax professionals
Related Courses

Chapter 11 Fundamentals: Debtor-In-Possession Financing and Use of Cash Collateral
Friday, May 16, 2025
1:00 p.m. ET./10:00 a.m. PT

Intersection of Bankruptcy and State Foreclosure Laws
Available On-Demand

Make-Whole and No-Call Provisions in Bankruptcy: Developments, Strategies, Drafting Loan Documents and Indentures
Tuesday, April 1, 2025
1:00 p.m. ET./10:00 a.m. PT
Recommended Resources
Transforming CLE from a Requirement to a Career Advantage
- Learning & Development
- Career Advancement
- Talent Development
Beyond Law School: Tackling the Realities of Modern Legal Practice
- Learning & Development
- Business & Professional Skills
- Career Advancement