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Dual-Track Chapter 11 Cases: Designing and Implementing Sale Toggles to Maximize and Test Market Value

Recording of a 90-minute CLE video webinar with Q&A

This program is included with the Strafford CLE Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Conducted on Monday, November 20, 2023

Recorded event now available

or call 1-800-926-7926

This CLE webinar will discuss dual-track Chapter 11 strategies that simultaneously prepare for reorganization with continued operations while also marketing the distressed business for sale. The program will review the advantages of such plans for both debtors and creditors and what creditors expect to see in such plans.


A successful Chapter 11 can end in one of two ways: with operating business paying creditors or with an asset sale under Section 363. In a sale toggle, the debtor proposes a plan under which it simultaneously runs a sale process and plans for a traditional reorganization, with the option of selecting the better choice.

Toggles allow a debtor to continue operating and generating revenue while it looks for potential purchasers for some or all its assets. Advantages of toggles that are properly structured and implemented include shortening the length of the case, promoting consensus, increasing the value of the business, and lessening the viability of objections to valuation, sale, or confirmation because the proposals have been market tested.

Listen as this experienced panel of bankruptcy and restructuring attorneys explains how lenders and debtors can maximize value by using toggle strategies.



  1. Overview of sale toggles
  2. Typical structures of proposed plans
    1. Role of stalking horse bidders
    2. Reserve pricing
    3. Incentivizing potential purchasers and maximizing bidders
  3. Key supporting creditors


The panel will review these and other key issues:

  • How should toggles be structured and implemented to maximize value?
  • What are the risks of the dual-track approach?
  • What are debtors’ disclosure requirements under Section 1125?
  • How can debtors test the value of the business?


Bast, Jeffrey
Jeffrey P. Bast

Bast Amron

Mr. Bast has been practicing in the insolvency and litigation arena for 30 years. He guides business clients through...  |  Read More

Leggett, Jaime
Jaime Leggett

Bast Amron

Mr. Leggett practices in the areas of bankruptcy and complex commercial litigation. His experience includes...  |  Read More

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