Bankruptcy Sale Orders Vs. Receivership Sale Orders
April 7, 2010, 12:53 PM EDT
Law360, New York (April 7, 2010, 12:53 PM EDT) -- Judicially approved asset sales have become the order of the day. They are occurring in large numbers in both bankruptcies and state court supervised receiverships. Receiverships are rapidly becoming a preferred alternative legal process for selling assets as the cost of bankruptcy continues to escalate.
Moreover, decisions under the Bankruptcy Code such as Clear Channel Outdoor Inc. v. Knupfer, 391 B.R. 25 (B.A.P. 9th Cir. 2008), and the very recent decision In re Philadelphia Newspapers LLC, et. al, No. 09-4266, No. 09-4349, 2010 U.S. App. LEXIS...