Section 363 On Steroids

Law360, New York (June 1, 2009, 12:00 AM EDT) -- The recent rash of retail filings have something in common with Chrysler’s case — a fairly quick sale under Section 363 of substantially all of the operating assets. It even happened in another situation when The Greenbrier resort was recently sold in a short-lived case.

The formula used in retail cases is well understood by all. Either with the petition or shortly thereafter, a motion is filed to approve the procedures for selling just about everything, including chances for others to bid (although today’s financing market...
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