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Whitehall: A Debtor Cannot Sell What It May Not Own

Law360 (October 31, 2008, 12:00 AM EDT) -- The tightening or unavailability of post-petition financing as a result of the credit crunch has increased the pressure placed on debtors by the BAPCPA[1] amendments to the Bankruptcy Code to reorganize or sell their assets quickly.

This urgency has been particularly acute for retail debtors, who will often be forced to immediately seek authority to conduct a sale of substantially all of their assets.

One result of this rush to liquidate is that debtors are seeking to sell their assets prior to a judicial determination of...
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