ABI Creates First Publicly Available Databank of Asset Sales
Contact: John Hartgen
ABI CREATES FIRST PUBLICLY AVAILABLE DATABANK OF ASSET SALES
October 8, 2010, Alexandria, Va. — With the explosion of asset sales in the recent wave of business bankruptcies, the American Bankruptcy Institute has launched the new Section 363 Asset Sales Databank website (http://363.abi.org/). The new website provides practitioners with a growing databank of orders approving asset sales procedures from bankruptcy courts across the country. Constructed by Ira L. Herman of Thompson & Knight LLP (New York) and ABI’s Asset Sales Committee, the databank is organized by judicial circuit and is searchable by district, size of the transaction or the key terms of the sale. An editorial board of ABI members will continually update and summarize recent asset sales to be posted to the website.
Section 363 of the Bankruptcy Code affords debtors the opportunity to sell assets free and clear of liens. Asset sales under Section 363 have expanded rapidly in recent years and were a large component of such high-profile bankruptcy cases as Lehman Brothers, Chrysler and General Motors. ABI’s Asset Sales Databank will allow practitioners to search for keywords and phrases in typical asset-sales agreements, such as “break up fee.” Databank users will also be able to sign up for an RSS feed to be alerted of all new sales within a given region, or all regions, as soon as the sales are posted.
ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes more than 12,600 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abiworld.org. For additional conference information, visit http://www.abiworld.org/conferences.html.