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The COVID-19 pandemic is already leaving its mark on the bankruptcy asset sale landscape. Some going-concern and liquidation sales have been suspended or cancelled. Debtors have struggled to market their assets, both pre- and post-petition, in the face of unprecedented disruption and uncertainty. Despite this uncertainty — or even because of it — bankruptcy should still be viewed as a useful tool to effectuate the acquisition of assets. The current situation and anticipated distress across many industries presents opportunities for purchasers to acquire assets on favorable terms. The benefits to the purchaser of, among other things, receiving the assets free and clear of liens, claims and encumbrances and the ability to cherry pick executory contracts caught the attention of financial and strategic acquirers for quite some time. However, each industry presents unique issues that should be considered when weighing bankruptcy as an option and, if a case is already pending, a bid for or acquisition of assets of a debtor.
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Landmines In Bankruptcy Appellate Practice, Part III
By Michael L. Cook
When courts have made important exceptions in the past year, they have either added a gloss on the Judicial Code, corrected lawyers’ errors, filled in statutory gaps, or clarified the relevant statutory language.
A Strategic Guide for Lenders to Navigate Anticipated Distressed Loan Fallout
By Jay Steinman and Karina Leiter
The steps outlined in this article offer a strategic guide for lenders, empowering them to navigate the complexities of loan workouts and enforcement actions with resilience and foresight.
Third Circuit: Bankruptcy Code Mandates Appointment of Examiner In Chapter 11 Cases
By Francis J. Lawall and Brenden S. Dahrouge
The Third Circuit recently held in 'In re FTX Trading' that the plain text of Section 1104(c)(2) mandates the appointment of an examiner under the specified conditions set forth. As a result, the FTX decision will carry significant implications for large and medium-sized bankruptcy cases.
By Lawrence J. Kotler and Ryan Spengler
The Central District of California court held that a bankruptcy court’s administration of cannabis-related state court claims against a debtor’s estate is not a violation of the Controlled Substances Act.