Asset Sales

Asset sales can help debtors and lenders move forward in resolving the financial issues facing troubled businesses. The lawyers of Troutman Sanders’ Financial Restructuring and Insolvency practice regularly represent debtors as sellers and lenders, lien holders and other interested parties as bidders and buyers in Section 363 sales of assets.

We counsel clients in all aspects of Section 363 transactions, including negotiation and drafting of complex asset-purchase agreements and attendant stalking-horse bidder protections, advising sellers and bidders in conducting or participating in auctions, and representing sellers and buyers at bankruptcy court hearings to approve bid protections and asset sales.

Representative Experience

  • Represented a unionized logistics company as debtor-in-possession in a complex but successful sale of substantially all of its assets for more than $100 million to a competitor (and successful bidder) at a hotly contested auction
  • Represented a large mortgage originator and servicer as debtor-in-possession in numerous 363 sales of its assets, including bulk 363 sales of real-estate owned (REO) properties, loans and mortgage-backed securities totaling more than $250 million
  • Represented the stalking-horse bidder and acquirer of five hydropower plants in upstate New York accomplished by the acquisition of the Chapter 11 debtor’s 100 percent membership interest in an affiliated debtor that was the owner of the hydropower plants
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