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In the Matter of Texas Grand Prairie Hotel Realty, LLC

United States Court of Appeals for the Fifth Circuit
710 F.3d 324 (2013)


Facts

Texas Grand Prairie Hotel Realty, LLC (Texas Grand) (debtor) borrowed $49,000,000 to acquire and renovate four hotels. The loan was secured by the hotel properties. Wells Fargo (creditor) acquired the loan. Texas Grand filed for reorganization under chapter 11 of the bankruptcy code. Wells Fargo rejected the proposed reorganization, and Texas Grand sought to confirm the plan under the cramdown provisions of 11 U.S.C. § 1129(b). The plan proposed to pay back Wells Fargo’s secured claim over 10 years with interest accruing at 5 percent, which was 1.75 percent over the national prime rate. Wells Fargo challenged the five-percent interest rate, asserting that the appropriate interest rate was 8.8 percent. The bankruptcy court confirmed the plan via cramdown, and the district court affirmed. Wells Fargo appealed.

Rule of Law

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Issue

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Holding and Reasoning (Higginbotham, J.)

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  • A "yes" or "no" answer to the question framed in the issue section;
  • A summary of the majority or plurality opinion, using the CREAC method; and
  • The procedural disposition (e.g. reversed and remanded, affirmed, etc.).

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