Both Chrysler and GM used asset sales under section 363 of the Bankruptcy Code as a way to avoid the more cumbersome chapter 11 plan process. The strategic use of section 363 asset sales in reorganization cases is becoming so common that some courts and commentators predict that the asset-sale route to a chapter 11 plan confirmation may soon supplant the traditional chapter 11 plan process. While some have decried section 363 sales as contrary to the voting system and other procedural safeguards inherent in a standard chapter 11 confirmation, this Essay argues that the section 363 asset-sale development is a natural consequence of the Bankruptcy Code being weighed down by a “springing” (or bankruptcy-only) priority of retiree medical benefits. Not only are springing prioriti...
The cases selected for this issue address a number of timely topics: 1. whether the consent of all lenders in a syndicated loan facility is required in order to authorize the agent to make a credit bid in a section 363 sale, 2. whether a section 363 sale should be approved by the court in lieu of a plan of reorganization, and 3. how contingent liabilities should be valued when determining whether a debtor was insolvent for purposes of state fraudulent transfer law. In re GWLS Holdings Inc, 2009 Bankr. Lexis 378 (Feb 23, 2009), the Bankruptcy Court overrules objection of dissenting lender to agent's proposed credit bid of lending group's claim. Meanwhile, In re Gulf Coast Oil Corp, 2009 WL 361741 (Bankr. S.D. TX Feb 11, 2009), the Bankruptcy court holds that debtors did not demonstrate a...
... were secured by substantially all assets of GWLS. Shortly after commencing its Chapter 11, ...
... events relating to the reorganization or sale of the Debtor's business. . Eventually, ... advisors concluded that a sale of its assets pursuant to 11U.S.C. § 363(b) "[was] the only via...
...Stalking horse bidding is an auction sales process that originated under s. 363 of the United... to sell all, or substantially all of its assets or business lines, pursuant to sales processes adm...
Analysts predict that the number of bankruptcies will increase in 2007, enabling secured lenders, distressed fund managers and strategic acquirers to find significant opportunities to purchase financially challenged assets in Chapter 11 reorganization cases. This article focuses on sales under section 363, which allows a buyer to obtain court approval of a purchase cheaper and faster than through a reorganization plan or from a post-confirmation trustee. Any asset of a Chapter 11 estate may be sold through a section 363 sale. The flexibility of the process is reflected in the growing number of sales of intangible property, mirroring the increasing commercial importance of these assets. The initial bidding increment should be more than any proposed break-up or topping fee or expense reim...
... of intellectual property through a Section 363 bankruptcy asset sale. As a 363(f) sale is complet...
... acquire the residential mortgage servicing assets of Aurora Bank, which will increase our UPB by 61%...) in connection with ResCap's proposed asset sale under the U.S. Bankruptcy Code. Nationstar expects... on the assets being acquired and the Section 363 asset sale process are included in Nationstar's Ma...
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