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Pay to play: liquidation of assets using Chapter 11 should provide unsecured creditors with a share of the proceeds.(credit column)
Most Chapter 11 cases are filed in today's economic downturn to sell assets under Section 363(b) of the Bankruptcy Code. This section allows a debtor to sell its assets to a purchaser after notice and a hearing. The purchaser is able to obtain the assets free of any liens or claims of creditors. Section 363 sales are often the definitive act in a Chapter 11 case as the sale can substantially include everything the debtor owns, including its operating business. The advantage of selling assets through a Section 363 sale process is superior to sales under Article 9 of the Uniform Commercial Code or through an assignment for the benefit of creditors, especially if the sale is ...
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Source: HighBeam Research, Pay to play: liquidation of assets using Chapter 11 should provide...