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Under the reorganization process, termed a 363 sale (for Section 363 which is located in Title 11, Chapter 3, Subchapter IV of the United States Code, a part of the Bankruptcy Code), the purchaser of the assets of a company in bankruptcy proceedings is able to obtain approval for the purchase from the court prior to the submission of a re ...
June 19, 2009: Deadline for filing all objections to the sale of General Motors. June 22, 2009: Deadline for making competing bids in the auction of General Motors' assets. June 25, 2009: Final hearing on the bankruptcy loan. July 10, 2009: Deadline for completion of the sale, requested by the U.S. Treasury and General Motors. [9] [10]
In 1985, Zell acquired Itel Corporation, a diversified transportation and logistics company, shortly after it emerged from bankruptcy. [19] In 1986, he acquired Anixter, remaining in charge until it was sold in 2020. In 2004, he acquired Covanta via a 363 bankruptcy sale process.
Chapter 7. Chapter 13. Main features. All nonexempt assets will be sold to repay some of the debts you owe. You’ll keep your property, but you must repay your debts on an agreed-upon timeline
Chrysler Chapter 11 reorganization. Chrysler Chapter 11 reorganization was the petition for bankruptcy on April 30, 2009 of Chrysler car company and 24 of its affiliated subsidiaries with the federal bankruptcy court in New York. [ 1][ 2] The court filing occurred upon failure of the company to come to an agreement with its creditors for an ...
Bed Bath & Beyond filed for Chapter 11 bankruptcy April 23 and announced that it will begin to “implement an orderly wind down” of operations in all 360 stores after a year of declining sales ...
In a letter to Bregal Partners Managing Partner Charles Yoon, the lawmakers are asking for information on the November 2023 sale of bankrupt Blue Harvest Fisheries and the failure to pay over $100 ...
The case arose from the high-profile bankruptcy of Chrysler, in which the U.S. Treasury orchestrated a sale under Section 363 of the Bankruptcy Code to avoid the debtors' having to fully compensate a group of first lien priority creditors, which included roughly 100,000 retired teachers and police officers from Indiana.