Joe Basile and Ben Bodamer, of Weil’s Corporate department, recently authored an article for The Journal of Bankruptcy Law discussing the finality of a Section 363 asset sale, a critical consideration for parties to a distressed M&A transaction structured as an asset sale under the Bankruptcy Code. The article examines “deal certainty” under Section 363 of the Bankruptcy Code in the wake of the controversial 2008 Clear Channel decision by the Bankruptcy Appellate Panel of the 9th Circuit U.S. Court of Appeals, which called into question longstanding jurisprudence that, absent bad faith or a stay, a consummated Section 363 asset sale could not be overturned on appeal. Several recent cases from other jurisdictions have fortunately confirmed the previously accepted wisdom.
To read the article, please follow this link.
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