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The Bankruptcy Hotline
Debtor Bound By Lease Assignment Restrictions
The Fourth Circuit has ruled that while a Chapter 11 debtor did have the right to assign a shopping center lease, it was also bound by the assignment limitations contained in the original lease. Trak Auto Corp. v. West Town Center LLC (In re Trak Auto Corp.), No. 03-1136 (April 22).
A Chapter 11 debtor seeking to assign one of its retail shopping center leases solicited bids for the space. The high bidder was a discount clothing store. The lessor objected, arguing that the assignment would breach the lease and upset the tenant-mix in violation of ' 365(b)(3)(D). The debtor's lease explicitly limited the use of the leased space to the sale of retail automobile parts and accessories. Nevertheless, the bankruptcy court approved the assignment and the district court affirmed.
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