As addressed in the first of this two-part article last month, addressing the problems confronting golf course owners seeking financial restructuring under Chapter 11, the ability of a debtor to reject a restrictive covenant under Section 365 or to sell free and clear of a covenant under Section 363(f) is limited and the obstacles are difficult to surmount.
The Bankruptcy Code's Inherent Limitations for Struggling Golf Courses
<b><i>Part Two of a Two-Part Article</b></i><p>The ability of a debtor to reject a restrictive covenant under Section 365 or to sell free and clear of a covenant under Section 363(f) is limited and the obstacles are difficult to surmount. A possible solution, however, may surface if a debtor can demonstrate a change of circumstances under state law.
By
Daniel A. Lev
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