Law360, New York ( October 30, 2014, 2:19 PM EDT) -- In a sale-leaseback transaction, a company owning real property sells that property to a buyer and the parties simultaneously enter into a lease agreement whereby the buyer, as landlord, leases the property back to the seller, as tenant. Sale-leasebacks often involve multiple properties that are purchased and leased back in one transaction. An underlying assumption of the buyer-landlord in such transactions is usually that the seller-tenant cannot selectively terminate sites from the lease, leaving the buyer-landlord with ownership of underperforming sites and no related rental stream. Unfortunately for buyer-landlords, bankruptcy courts provide an opportunity for seller-tenants to achieve exactly this result....
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