Section 363 Bankruptcy Sales: Key Considerations in the Auction Process, Private Sales, Due Diligence, and Operations
Recording of a 90-minute CLE video webinar with Q&A
This CLE course will examine Section 363 sales, with particular focus on key issues that can impact the rights and obligations of parties in interest before, during, and after an auction or private sale.
- Section 363 requirements generally: when an auction vs. a private sale is appropriate
- The stalking-horse bid
- Break-up fee and expense reimbursement
- Super-priority administrative expense, carve-out
- The bankruptcy sale efforts--publication, actual notice to parties-in-interest
- Due diligence: reasonable period before bid, access to documents
- Successor liability
- Executory contracts and unexpired leases
- Attacks on credit bidding
- How to close the sale
- Operating the business post-sale
- The future of Section 363 sales
The panel will review these and other key issues:
- What role does the stalking-horse bidder have in formulating the bidding process, and what are its primary concerns?
- What notice and due diligence rights should bidders want to see in the bidding procedures?
- What process should be followed for accepting and distributing qualified bids?
- How can a bidder ensure it has the flexibility to accept or reject executory contracts and unexpired leases upon closing of a 363 sale?
T. Daniel Reynolds
Mr. Reynolds is a corporate restructuring lawyer who represents major constituencies involved in distressed... | Read More
Mr. Reynolds is a corporate restructuring lawyer who represents major constituencies involved in distressed transactions. This includes companies both in and out of bankruptcy, as well as unsecured creditors' committees and other major stakeholders.Close
Thomas M. Wearsch
Mr. Wearsch advises clients on strategic alternatives when faced with troubled company situations. Focusing on... | Read More
Mr. Wearsch advises clients on strategic alternatives when faced with troubled company situations. Focusing on distressed as well as healthy companies, financial institutions, equity and hedge funds, bondholders, committees, boards, and management, he has served as counsel to numerous corporations involved in chapter 11 reorganizations, out-of-court restructurings, and distressed mergers and acquisitions. Mr. Wearsch's practice has exposed him to a number of industries including automotive, aerospace, manufacturing, health care, energy, hospitality, securities, mining, media, and technology.Close
Thomas A. (Tom) Wilson
Mr. Wilson advises corporate, financial, and municipal clients in insolvency and restructuring situations across a... | Read More
Mr. Wilson advises corporate, financial, and municipal clients in insolvency and restructuring situations across a variety of industries. These industries include automotive, mining, gaming, energy, retail, manufacturing, and financial services, with particular experience in municipal bankruptcy and the liquidation of complex corporate enterprises. Mr. Wilson played a key role in the successful resolution in the historic chapter 9 case of the City of Detroit, Michigan. He regularly counsels clients in all aspects of bankruptcy and restructuring matters, including distressed asset transactions, supplier issues, fraudulent conveyance, preference and fiduciary duty actions, environmental and mass tort liability, post-petition financing, and jurisdictional issues arising in bankruptcy. Mr. Wilson's clients span the spectrum of interested parties in restructuring matters, including debtors and potential debtors, prepetition secured creditors, creditors' committees, parents of insolvent subsidiaries, avoidance actions defendants, and sellers and purchasers of assets.Close