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The number of 363 sales of assets in bankruptcy cases has increased as the economy collapsed. That's not a surprise. In an illiquid market, struggling debtors have fewer options to raise capital. But Richard Hahn, who co-chairs the bankruptcy and restructuring group at Debevoise & Plimpton LLP, says there's a...
Posted on September 14, 2009 1:24 PM
News of General Motors Corp. exiting bankruptcy at a breakneck pace, creating a leaner greener company majority-owned by the U.S. government, flooded financial news outlets Friday morning. What got less press was a giant state-of-the-art research facility opening in Michigan.How will GM compete with rivals in the hybrid and electric...
Posted on July 10, 2009 9:47 AM
Hedge funds played hardball on Chrysler's debt-for-equity exchange offer. That's exactly how Sandra Mayerson, a bankruptcy attorney at Squire, Sanders & Dempsey LLP, predicted hedge funds would respond in our interview with her on Tuesday.
Posted on April 30, 2009 9:17 AM
Following six years of consecutive losses, bankrupt BearingPoint Inc. continues to shed assets. On Wednesday, the bankruptcy court approved the $25 million sale of certain commercial service group assets to PricewaterhouseCoopers. The deal will result in PwC owning a significant portion of the IT consultancy's North American commercial business and...
Posted on April 29, 2009 12:07 PM
A bankruptcy judge has approved Pilgrim's Pride Corp.'s request to sell its interest in a grain elevator joint venture to partner Archer Daniels Midland Co. The nation's largest poultry producer unloaded the stake for $5 million. Pilgrim's filed for Chapter 11 on Dec. 1, citing soaring corn prices and an...
Posted on February 17, 2009 9:54 AM
It looks like Best Buy Co. could scoop up the vacant stores bankrupt competitor Circuit City Inc. is leaving behind after its liquidation. Chief executive Brad Anderson told Reuters at the World Economic Forum in Davos, Switzerland, that while the priority is to remain "cash strong," his company would consider...
Posted on January 29, 2009 2:10 PM
Saybrook's Rosenthal explained that strategics are investing in distressed companies, but there are challenges.
Posted on January 26, 2009 3:18 PM
Pittsburg, Texas-based Pilgrim's Pride Corp. has requested court approval to sell its interest in a grain elevator business to joint venture partner Archer Daniels Midland Co. for $5 million. The price tag is small, but in bankruptcy, every little bit helps. The nation's largest poultry producer filed for Chapter 11...
Posted on January 21, 2009 9:13 AM
A Chapter 11 filing is the best option for General Motors Corp. and Chrysler LLC because it's the only way to force all stakeholders to the negotiating table. So says Jeff Marwil, a partner at Winston & Strawn LLP. In this edition of Inside The Deal, Marwil, who heads the...
Posted on December 16, 2008 4:38 PM
A Chapter 11 filing by General Motors Corp. is looking more likely now that the automaker has hired bankruptcy advisers. It's an option fleshed out in detail in David Elman's feature in the Deal newsweekly, and one supported by Jeff Marwil, a partner with Winston & Strawn LLP. Marwil, who...
Posted on December 12, 2008 1:29 PM
The ailing newspaper industry isn't getting a bailout from Uncle Sam as it's squeezed by weakening demand and lost ad sales to rival Web properties.Word just came in that debt-ridden newspaper and television company Tribune Co. filed for bankruptcy Monday. Most of Chicago-based Tribune's debt came from a buyout by...
Posted on December 8, 2008 2:14 PM
Buying assets out of bankruptcy is tricky, but as Orchard Enterprises NY Inc. knows, it can pay off. New York-based Orchard, a big music distributor, has won the music-related assets of bankrupt independent music label TVT Records, paying more than $5 million.For its money, Orchard gets TVT's catalog of recorded...
Posted on July 7, 2008 1:26 PM
In the upcoming issue of our print publication Corporate Dealmaker, we have a story on the challenges of buying intellectual property assets out of bankruptcy. And -- unfortunately -- our timing couldn't be better. The latest bankruptcy stats just out from the Administrative Office of the U.S. Courts confirm that...
Posted on June 4, 2008 8:42 AM
As The Deal's John Blakeley reported early Monday, a four-partner joint venture won the auction for bankrupt Sharper Image Corp., bidding $49 million for the specialty retailer's assets and intellectual property. While it's not unusual for firms to partner to buy assets out of bankruptcy, what is surprising is the...
Posted on June 2, 2008 2:13 PM
In order to possibly re-emerge from Chapter 11 as a standalone company, Interstate Bakeries Corp. has asked the Bankruptcy Court to extend the confirmation hearing on its plan of reorganization, currently scheduled for March 12, to April 23. That means IBC expects the commitment from Silver Point Finance LLC for...
Posted on March 10, 2008 12:50 PM
ABB Ltd. chief executive Fred Kindle is leaving the Swiss power and automation technology firm because of "irreconcilable differences about how to lead the company." Kindle, who joined the firm in September 2004 and took over as president and CEO in January 2005, returned ABB to profitability after it...
Posted on February 13, 2008 3:49 PM
With less liquidity in the market and tighter credit standards now in place, it is likely that credit defaults will dramatically rise and companies will no longer be able to refinance themselves out of their financial challenges. This...
Posted on February 12, 2008 12:26 PM
Those who deal regularly with distressed M&A transactions are well aware of the advantages of using Section 363 of the Bankruptcy Code to implement asset sales. The best known is the ability of a debtor to sell its assets "free and clear" of liens or other third-party interests in...
Posted on June 15, 2007 3:52 PM
Distress test (from Corporate Dealmaker)
For skilled buyers of distressed assets, the past several years were a boom time. Factors as diverse as an economic downturn, corporate fraud and terrorist attacks compelled a number of companies to restructure. Fundamentally sound businesses became available at excellent prices to buyers who could manage the challenges of...
Posted on April 15, 2005 3:36 PM
The scene at the midtown Manhattan law firm last fall was reminiscent of the World Series of Poker. In fact, though, the setting was Mike Bond's first deal negotiation since joining Avaya Inc. a few months earlier as its vice president of corporate development. Communications systems provider Avaya, which...
Posted on February 15, 2004 5:14 PM
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