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Asset sales under § 363 of the U.S. Bankruptcy Code [1] have become a critical component of the bankruptcy practitioner’s arsenal, and a preferred avenue of monetizing a debtor’s assets.
The process is generally straightforward, and the Bankruptcy Code provides the framework of how sales should proceed. U.S. practitioners have become well versed in the § 363 sale process and how to address recurring issues; however, chapter 15 of the Bankruptcy Code [2] adds an additional layer of complexity that must be observed and resolved carefully.
The ABI Asset Sale Committee awarded the inaugural Asset Sale of the Year Award to the asset sale in the Cobalt Energy case.[1] Cobalt International Energy Inc.
All too often, attorneys misunderstand (or worse, disregard) the importance of local rules in numerous contexts —particularly in the area of asset sales. Rather than they be merely an afterthought, practitioners should be encouraged to make the local rules a jumping-off point when seeking to conduct a sale through § 363 of the Bankruptcy Code.
