Rules Of The Road: Buying Distressed Assets

Law360, New York (January 5, 2010, 3:11 PM EST) -- The high profile section 363 sales of GM, Chrysler and other distressed businesses during the current recession have debunked the myth that the formal bankruptcy process cannot support quick, complex asset sales and convinced the business community that a bankruptcy filing does not necessarily destroy consumer confidence or capsize a carefully deployed sales process.

But even as the section 363 sale takes its star turn, its counterpart, the more familiar out-of-court sale, remains the preferred method (and sometimes the only method) for many distressed asset acquisitions,...
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