What happens when intervening events or a change of circumstances occurs that affects the value of the assets and the benefit to the estate when selling them to one bidder over another?
In January 2021, we published an article exploring the legislative history and broad provisions of subchapter V of chapter 11 as they relate to asset sales. In that article, we acknowledged that liquidation and going-concern sales are possible under subchapter V, but predicted that
We hope this report finds you and your family doing well. 2021 was another year of lockdowns and Zoom meetings, but also COVID-19 shots and slowly returning to the real world. Our committee leadership has strived to help its members navigate the ever-changing world of distressed sales via access to helpful content and the opportunity to engage in discussions on topics relevant to asset sales.
The Asset Sales Committee is actively soliciting nominations for the Fourth Annual ABI Asset Sales Committee Sale of the Year Award. Details are set forth below. Please submit your best deal.
Friday, March 18, 2022
One of the primary purposes of chapter 11 is to maximize the value of a debtor’s assets.
ABI’s Asset Sales Committee announced that In re Verity Health System of California Inc., Case No. 2:18-bk-20151-ER (C.D. Cal.), won the committee’s third annual “Asset Sale of the Year” award.
Two recent district court decisions, each involving appeals of a bankruptcy sale order where the appellant(s) failed to obtain a stay pending appeal, provide insight into statutory mootness under § 363(m) of the Bankruptcy Code. In both In re HDR Holdings Inc. and Barnes v.
More U.S. companies filed bankruptcies with liabilities exceeding $1 billion in 2020 than in any year since 2009. Bankruptcy courts are often left with difficult decisions in these complex bankruptcies, including whether to approve the winning bid in an asset sale under § 363.
“Stalking horse” is a term that instills hope in the minds of creditors and debtors while striking fear in the hearts of other bidders. When running a § 363 sale process, identifying a stalking-horse bidder (the bidder that submits the highest and best initial bid) lays the groundwork for the rest of the proceedings.
Recent allegations of impropriety of bidders in the reorganization of Neiman Marcus Group Ltd. LLC should serve as a reminder to study the line between mere auction strategy and collusive bidding. The word “collusion” itself seems to cause confusion whenever it is uttered in the political or legal realms.
Marijuana-related businesses are being denied access to bankruptcy relief in all but a tiny handful of cases. This webinar will discuss prospects for success in bankruptcy court, available alternative methods of affording relief to troubled cannabis businesses, and possibilities for changes in the regulatory climate.
There have been a number of recent bankruptcy filings by large and high profile healthcare providers, such as the filings of Verity Health System of California, Inc., in Los Angeles (the second largest hospital bankruptcy case in American history), Hospital Acquisition LLC and 25 related debtors d/b/a Promise Health and American Academic Health System (Hahnemann University Hospital and St.
We will take a deeper dive into some of the more interesting and unique local rules that practitioners should be aware of when completing assets sales in various districts. The panelists will also discuss the need for local rules, differences across jurisdictions, and the process for revisions and implementation.
Hosted by the Asset Sales and Financial Advisors and Investment Banking Committees. FAs, IBs, RE advisors, attorneys: too many cooks in the kitchen? This panel will discuss the anatomy of the bankruptcy sales process and focus on optimizing value by drawing on the resource skills of attorneys, investment banks, financial advisors and real estate advisors.
This webinar will provide an overview of key provisions in, and frequent disputes regarding, bidding procedure orders and bidding procedures. The webinar will cover both a basic introduction to the topic, as well as a discussion on advanced hot issues and recent trends in this area of law.
This panel hosted by the Asset Sales and Health Care Committees will discuss the Top 10 Issues to Be Aware of When Buying a Health Care Business, and How to Plan for the Inevitable Surprises.
The Asset Sales Committee will host a webinar on the roles of secured, undersecured and unsecured creditors and committees in asset sales and bidding processes involving complex capital structures. The discussion will focus on the challenges and complications that can arise in seeking an expedited sale free and clear of claims and liens and means by which creditors and committees can use the sale process to their advantage.
Labor Issues in 363 Sales: Things You Need to Know
The Unsecured Trade Creditors' Committee's call discussed “gifting” and other recent developments regarding application of the absolute priority rule.
The Asset Sales Committee hosted a conference call discussing the GM successor liability decision now on appeal in the Second Circuit. John Hutton (Greenberg Traurig LLP; Miami) and Henry Jaffe (Pepper Hamilton LLP; Wilmington) led a conference call discussing the issues raised and being briefed before the Second Circuit in the GM successor liability appeal.
Lugenbuhl, Wheaton, Peck, Rankin & Hubbard, LC
New Orleans, LA
Los Angeles, CA
Ellicott City, MD
Membership Relations Director
Sheehan, Phinney, Bass + Green
Dentons Bingham Greenebaum
Special Projects Leader
Keller Benvenutti Kim LLP
San Francisco, CA