363 Sales

News & Analysis as of

A Lesson On What Not To Do In A § 363 Auction

For numerous corporate Chapter 11 debtors, the sale of some or all of the company’s assets may be the only way to reorganize the company’s debt. Section 363 of the Bankruptcy Code sets forth a specific procedure wherein the...more

The M&A Word of the Day® from the Book of Jargon® – Global Mergers & Acquisitions Is Distressed Sale [Video]

Latham & Watkins partner Zachary Judd explains the M&A term Distressed Sale, a term for a transaction in which the target company is in or near the zone of insolvency. For additional definitions of the legal and business...more

The Fisker Case and Its Impact on Distressed M&A

As is well known, the right to credit bid is the entitlement of a secured lender to bid the amount of its outstanding claims at the sale of its collateral. If the secured lender places the winning bid, no money is exchanged...more

A Section 363 Sale Does NOT Transfer Property Free and Clear of an Equitable Servitude

Sales in bankruptcy court under 11 U.S.C. § 363 (called “363 Sales”) are often used to sell property during a bankruptcy case. The 363 Sale process provides an efficient procedure to liquidate estate property and offers...more

Update on Section 363 of the Bankruptcy Code and Delaware Bankruptcy Court’s Decision in the Fisker Automotive Holdings Inc.... [Video]

Section 363 of the Bankruptcy code has been a topic of discussion in legal circles lately. We are joined by Henry Jaffe, a partner in Pepper’s Corporate Restructuring and Bankruptcy Practice Group, to discuss Section 363 and...more

What The U.S. Supreme Court’s Unamimous Decision In A Homestead Exemption Case Says About The Power Of Bankruptcy Courts In...

It seems that most bankruptcy decisions by the U.S. Supreme Court involve individual debtors, and the Supreme Court’s latest opinion is no exception. Even though the decision is not in a business bankruptcy case, it examines...more

Fisker Automotive: Narrow Decision Limiting Credit Bidding Rights Where The Scope And Validity Of Creditor’s Lien Was In Question

Section 363 of the Bankruptcy Code governs the sale of a debtor’s assets outside of the ordinary course of business. A debtor may use Section 363 to sell all, or substantially all, of its assets free and clear of any liens...more

What's "Commercially Reasonable" for Article 9 Foreclosure Sales?

Since the financial crisis, sales under Section 363 of the Bankruptcy Code have provided an increasingly popular way for secured creditors of distressed businesses to recover their loans. However, despite the advantages of...more

Global Insights - Issue 6, Q2 2013: News, Views and Analysis from DLA Piper’s Global Restructuring Group

In This Issue: - (UK) The Validity Of Exit Consents Under English Law - (UK) When A Charity Faces Financial Difficulty - (UK) Are You At Risk From Financial Distress In Your Supply Chain? - (Global Europe)...more

A Value Play: Chapter 11 Mergers and Acquisitions

Chapter 11 is known as a forum for reorganizing or selling a financially distressed business. Chapter 11 allows companies to reject burdensome contractual obligations, shed non-core assets and “clean up” the balance sheet by...more

Rogers Towers: What can Twinkies and Beer Teach Investors about Purchasing the Assets of an Insolvent Corporation?

When Hostess announced last November that it would be shutting the doors to its factories, spooked by the news and likely addled by decades of cream filling, hoarders of Ho-Ho’s scurried to buy every brand name snack cake...more

2012 Year In Review – Part 1

In This Issue: - March 9, 2012: Publication of Dynegy Examiner’s Report - March 29, 2012: SDNY Rules That 363 Sales May Not Be Free and Clear of Future Claims - May 15, 2102: Eleventh Circuit Rules in...more

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