The Latest Opinion On Asset Sales Under Section 363

Law360, New York (January 30, 2013, 6:11 PM EST) -- A recent opinion[1] by the United States Bankruptcy Court for the Eastern District of New York could have a significant impact on how parties negotiate damages provisions in asset purchase agreements in bankruptcy.

The Brown Publishing Company and its affiliates (the “debtors”) filed Chapter 11 bankruptcy petitions on April 30, 2010. On May 4, 2010, the debtors filed a motion to sell substantially all of their assets in a transaction under Section 363 of the Bankruptcy Code, to Brown Media Corporation (“BMC”) as the stalking horse...
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