Contact: John Hartgen
703-894-5935
ABI CREATES FIRST PUBLICLY AVAILABLE DATABANK
OF ASSET SALES
October 8, 2010, Alexandria, Va. — With the
explosion of asset sales in the recent wave of business bankruptcies,
the American Bankruptcy Institute has launched the new Section 363 Asset
Sales Databank website (
href='http://363.abi.org/'>http://363.abi.org/). The new website
provides practitioners with a growing databank of orders approving asset
sales procedures from bankruptcy courts across the country. Constructed
by Ira L. Herman of Thompson & Knight LLP (New
York) and ABI’s Asset Sales Committee, the databank is organized
by judicial circuit and is searchable by district, size of the
transaction or the key terms of the sale. An editorial board of ABI
members will continually update and summarize recent asset sales to be
posted to the website.
Section 363 of the Bankruptcy Code affords debtors the opportunity to
sell assets free and clear of liens. Asset sales under Section 363 have
expanded rapidly in recent years and were a large component of such
high-profile bankruptcy cases as Lehman Brothers, Chrysler and General
Motors. ABI’s Asset Sales Databank will allow practitioners to
search for keywords and phrases in typical asset-sales agreements, such
as “break up fee.” Databank users will also be able to sign
up for an RSS feed to be alerted of all new sales within a given region,
or all regions, as soon as the sales are posted.
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ABI is the largest multi-disciplinary, nonpartisan organization
dedicated to research and education on matters related to insolvency.
ABI was founded in 1982 to provide Congress and the public with unbiased
analysis of bankruptcy issues. The ABI membership includes more than
12,600 attorneys, accountants, bankers, judges, professors, lenders,
turnaround specialists and other bankruptcy professionals, providing a
forum for the exchange of ideas and information. For additional
information on ABI, visit
href='http://www.abiworld.org/'>www.abiworld.org. For additional
conference information, visit
href='http://www.abiworld.org/conferences.html'>http://www.abiworld.org/conferences.html.