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Email On March 11, 2016, Judge Christopher Sontchi of the U.S. Bankruptcy Court for the District of Delaware issued an opinion in the Energy Future Holdings bankruptcy that resolved an intercreditor dispute over $90 million in proceeds to be distributed under the plan of reorganization. The Court determined that distributions under a plan of reorganization and monthly adequate protection payments made pursuant to a cash collateral order were governed solely by the plan and order, and were not required to be distributed in accordance with a waterfall provision in an intercreditor agreement. https://www.cadwalader.com/resources/clients-friends-memos/delaware-bankruptcy-court-rules-tceh-first-lein-distributions-are-governed-by-bankruptcy-code-not-by-intercreditor-agreement-waterfall