Bankruptcy Auctions: Is That Your Final Answer?

Law360, New York (December 1, 2010, 3:31 PM EST) -- When selling assets under section 363 of the Bankruptcy Code or pursuant to a plan, debtors typically conduct auctions, selecting the highest or best bidder as the purchaser. Section 363 auctions are intended to enable debtors to maximize the value of their assets, while ensuring "finality and integrity in the process ..."[1]

These considerations of maximizing value and ensuring finality may conflict when a losing bidder objects to approval of an auction winner, asserting that its bid is higher or better and alleging flaws in the...
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