How 363 Sales Differ From Out-of-Court Sales

Law360, New York (November 6, 2013, 2:01 PM ET) -- In most respects, a bankruptcy sale (often called a “363 sale” — the name comes from Section 363 of the Bankruptcy Code, which governs the sale of assets by a debtor in a bankruptcy case, 11 U.S.C. § 363) is nearly identical to a sale of assets outside of bankruptcy.

For example, in both situations, there is a prospective buyer who signs a confidentiality agreement and is given access to the seller’s documents, information and management. After completion of certain due diligence, the prospective buyer makes...
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