News & Analysis as of

Chapter 11 363 Sales

Buyer Beware: Bankruptcy Assets not “Free and Clear” if Due Process is Lacking

One of the most powerful and oft used devices in bankruptcy is the sale of assets “free and clear” of liens, claims and interests. One issue a buyer at a bankruptcy sale must consider, however, is whether due process has been...more

Losing Both Ways: Debtor Diligence in the Identification of Claims

by Bryan Cave on

Two recent cases serve as reminders the devil is truly in the details. As to the front-end risks associated with an early § 363(f) sale, in In re Motors Liquidation Company (the “GM” case) we have seen a $10 billion reminder...more

Second Circuit Raises a Caution Flag for Sales Free-and-Clear of Claims

by Reed Smith on

The power of a bankruptcy court to authorize the sale of assets “free-and-clear” of liens and any other interests is a powerful tool that is used to realize value from distressed businesses. Indeed, purchasers will...more

General Motors: Protection Granted in Section 363 Sale Orders is Only as Good as the Notice Given

by Dechert LLP on

In a recent decision by the U.S. Court of Appeals for the Second Circuit in the General Motors case, the court held certain claimants were not afforded procedural due process with respect to the § 363 sale of General Motor...more

Revel: To Stay or Not to Stay? Third Circuit Reveals the Answer

by Mintz Levin on

On Sept. 30, 2015, the Third Circuit Court of Appeals in In re Revel AC Inc. issued a decision of significance to federal jurisprudence and bankruptcy practice. Hon. Thomas L. Ambro delivered the court’s opinion, reversing...more

Global Private Equity Newsletter - Fall 2015 Edition: Recent Developments in Acquisition Finance

by Dechert LLP on

When a portfolio company underperforms, a sponsor may consider various options to address the perceived performance issues, including changes to a portfolio company’s management team, cost structure, capital structure or...more

Secured Creditors in Section 363 Sales Be Aware -Your Proceeds May Be Used to Satisfy the Debtor’s Unpaid State Tax Liabilities

by Dechert LLP on

It is a basic feature of sales under section 363 of the U.S. Bankruptcy Code, that the purchaser takes free and clear of all claims and interests, such claims and interests attach to the proceeds of the sale in accordance...more

The ABI Commission on Business Bankruptcy Reform: The Sale of All or Substantially All of the Debtor's Assets and Proposed...

by BakerHostetler on

This is the fifth in a series of Alerts regarding the proposals made by the American Bankruptcy Institute Commission to Reform Chapter 11 Business Bankruptcies. This alert covers the Commission’s recommendations regarding the...more

The Fisker Case and Its Impact on Distressed M&A

by Dechert LLP on

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

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

by DLA Piper on

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

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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