One of the hallmarks of purchasing assets from a bankruptcy estate under § 363 of the Bankruptcy Code is the perceived ability of a buyer to purchase those assets “free and clear of any interest in such property” if certain conditions are met.
ABI’s Asset Sales and Ethics and Professional Compensation Committees sponsored a great webinar on Feb.
A small business debtor who elects to proceed under subchapter V of chapter 11 has the same rights and powers to sell property under 11 U.S.C.
Abe’s Boat Rentals Inc. filed for chapter 11 on April 27, 2018, in the U.S. Bankruptcy Court for the Eastern District of Louisiana. On Feb. 22, 2019, the debtor filed an Application for Order Authorizing Employment of Whelton Marine LLC as Marine Broker (the “Application to Employ”) in order to sell a 2008 Tiara 4300 Sovran yacht (the “vessel” or “M/V Heaven”).
The ABI Asset Sales Committee announced the winner of the second annual Asset Sale of the Year Award at the beginning of a July 22, 2020, Asset Sales Committee webinar titled, Evolving Landscape of Distressed M&A Activity.
When a retail debtor seeks to sell its assets in a chapter 11 proceeding pursuant to § 363 of the Bankruptcy Code, one of the key issues that often arises is whether the debtor will be permitted, as part of such sale, to assume and assign its store leases to the proposed buyer pursuant to § 365 of the Bankruptcy Code.
As the pace of chapter 11 cases quickens and the time frames within which theyare filed, administered and closed become condensed, so too do the issues that may arise with accelerated asset sales under § 363 of the Bankruptcy Code.
Thirty-three states and the District of Columbia permit some form of marijuana sales, and 11 states and the District of Columbia have enacted laws for the recreational sale and use of marijuana. Yet marijuana remains a “Schedule I” drug under the Controlled Substances Act, equivalent to heroin under federal law.
If the ruling on the field stands, consumer credit contracts are ineligible for sale free and clear of consumer claims and defenses through a chapter 11 plan. Hon. James L. Garrity, Jr.
The Asset Sales Committee will host John Hutton and Henry Jaffe as they discuss the GM successor liability decision, now on appeal in the Second Circuit, describing the arguments and positions taken by different parties on key issues in the case and discussing the potential impact of the ruling on appeal.
Don’t Restrict My Sale: The Enforceability of Restrictive Covenants and Easements in Assets Sales in Bankruptcy
The Asset Sales Committee hosted their most recent committee call on Wednesday, November 12. This call was titled "Bankruptcy Reform Commission’s Consideration of a Proposal to Surcharge Secured Lenders for 363 Asset Sales," and worked to more broadly inform and engage bankruptcy and restructuring professionals about the proposal being considered by the Bankruptcy Reform Commission to assess a charge on secured lenders for 363 asset sales in Chapter 11.
The October 2nd conference call for ABI's Asset Sales Committee provided a brief overview of the Fisker Automotive opinions, as well as their progeny, including Free-Lance Star. The discussion also explored the practical implications of those decisions for practitioners representing different constituents in a restructuring. The call was led by Oscar N. Pinkas of Dentons US LLP in New York, and Justin F. Paget of Hunton & Williams LLP in Richmond, Virginia.
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