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Petersen Health, an Illinois-based company that operates nursing facilities in the Midwest, filed for Chapter 11 bankruptcy protection in March 2024. Within one month, the company had received 20 bids from potential buyers seeking to purchase various Petersen assets out of the bankruptcy proceedings and, on July 3, Law360® reported that U.S. Bankruptcy Judge Thomas Horgan granted permission for them to accept the highest bid for their skilled nursing facilities.
As noted in our post earlier this month, U.S. corporate bankruptcies have returned to a more normal level of activity this year, following a two-year decline in Chapter 11 bankruptcy filings in the immediate post-COVID period. Some bankruptcy experts forecast this trend will continue.
“A confluence of economic factors is expected to challenge companies in 2024, with a range of industries under enough pressure to potentially see a rise in bankruptcies this year,” reported Law360.
In-house counsel need to be prepared for the emergence of strategic opportunities for their organizations to acquire strategic assets that may become available during other companies’ Chapter 11 bankruptcy proceedings. Court approval must be obtained for asset sales under Section 363 of the Bankruptcy Code, which means that in-house counsel may be called upon to advise their executive teams on the process for purchasing assets—that counsel includes communicating key benefits, disadvantages and potential roadblocks.
The Practical Guidance team at LexisNexis® published a Buyer’s Considerations in a Section 363 Sale Checklist, which can be used to guide in-house counsel who are assisting potential purchasers of assets in bankruptcy proceedings. Here are 10 tips excerpted from that checklist:
In-house counsel need to stay informed of the key legal issues involved with the sale of assets as part of a Chapter 11 bankruptcy plan so they are prepared to advise corporate executives and boards of directors of emerging strategic opportunities. LexisNexis offers a number of Practical Guidance resources to assist with these insights, including the Bankruptcy Transactional Resource Kit and the Asset Acquisition Resource Kit.
These resource kits include detailed practice notes, templates and checklists to provide in-house counsel with the practical resources they need. Get a free trial of Practical Guidance from LexisNexis.
All of these news, analysis and practice resources regarding Chapter 11 bankruptcy filings are accessible from the Lexis+® General Counsel Suite, providing in-house counsel with a vast collection of legal resources, breaking business and legal news, and Practical Guidance content.
Get a free 7-day trial of Lexis+ GC Suite.
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