LTL Management Files Petition Seeking Review of 3rd Circuit’s Decision Ordering the Dismissal of Chapter 11 Petition

PHILADELPHIA –– LTL Management LLC has filed a petition for rehearing and rehearing en banc, saying that the 3rd Circuit U.S. Court of Appeals broke from precedent in assessing good faith in its recent decision ordering the dismissal of LTL Management’s Chapter 11 petition.

The Debtor filed the petition on Feb. 13 in the 3rd Circuit in which it argues that the panel created a “new, heightened standard for good faith that exacerbates and entrenches a Circuit split.”

“The panel’s decision broke from this Court’s precedents in ways that will create fundamental problems in future bankruptcy cases,” the petition argued. …