Edgewater V. HIG Demonstrates Article 9 Sale Standards

Law360, New York (June 5, 2013, 12:10 PM EDT) -- Asset sales are commonplace in the restructuring industry. Numerous cases and articles have been written of the “363 sale” process that takes place under the Bankruptcy Code. The assets of current and former household names such as Lehman Brothers, General Motors, Chrysler and Blockbuster have all changed hands through that mechanism. Although it garners less attention in academia and in the media, creditors of financially distressed entities may also force asset sales pursuant to Article 9 of the Uniform Commercial Code. Perhaps because most secured creditors...
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