Auctions Point To A Changing Bankruptcy Market

Law360, New York (September 19, 2006, 12:00 AM EDT) -- With bankruptcy auctions hotter than ever, the sale of distressed companies is serving to highlight the many changes currently taking place in the shifting bankruptcy arena.

Assets are rapidly changing hands, as hopeful bidders fiercely compete for the beleaguered businesses, says Peter Gilhuly, a bankruptcy partner at Latham & Watkins.

“Judges used to be reluctant to sell without a reorganization plan,” he says. “What has happened is that the court now looks and says we don’t have time, we need to sell the assets. There are...
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