A bankruptcy sale is an opportunity to potentially acquire assets at distressed pricing. A bankruptcy sale also presents prospective bidders with a level playing field to conduct due diligence, submit a bid, and compete directly against all other bidders at an auction. Bankruptcy sales have other positive attributes, including the ability to purchase assets free and clear of liens and finality through court approval of the transaction. There are, however, certain limitations. Assets are sold “as-is, where-is,” a debtor-seller will provide only limited representations and warranties, no post-closing indemnification or other recourse, and the timeline is expedited as compared to typical non-distressed M&A situations. Further, a potential buyer in a bankruptcy sale must be able to bid without due diligence and financing contingencies. A savvy strategic or financial bidder will balance these pros and cons to source highly accretive acquisitions.