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Debtors Cannot Sell Unsecured Creditor's Collateral
Under a common Chapter 11 scenario, a debtor and its prepetition lender agree to the filing of a Chapter 11 proceeding with the goal of selling the lender's collateral (either to a third party or to the lender) pursuant to 11 U.S.C. Section 363. The purchaser will acquire the assets free and clear of liens, claims and encumbrances and the lender's liens will attach to the sale proceeds. The lender therefore benefits from an expeditious and efficient sale process and, in exchange, usually agrees to provide a modest carve-out for unsecured creditors.
A Rare Scenario
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