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Article: Second Circuit Expands Scope Of Permissible Sales Of Assets In Chapter 11 Pursuant To Section 363 Of The Bankruptcy Code.
- Article from:
- Mondaq Business Briefing
- Article date:
- November 4, 2009
CopyrightCOPYRIGHT 2009 Mondaq Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Article by John J. Rapisardi , Peter M. Friedman and Thomas Donigan 1
Originally published August 19, 2009
As is now well known, General Motors, Inc. and Chrysler LLC financially restructured themselves with the help of the United States Treasury. These restructurings occurred very quickly - Chrysler and GM each filed for bankruptcy and sold substantially all of their automobile-producing assets to newly created companies2 within approximately forty days. Each company used the bankruptcy process to massively deleverage and free itself from personal injury liability claims. New Chrysler and New GM will now attempt to become viable and profitable ...