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Asset Sales in Bankruptcy
For distressed asset sales, the Great Recession has been something of a perfect storm. The global economic near-catastrophe affected virtually every industry in both the national and global economies, and presented financial market players, corporate CEOs, regulators and government leaders with the horrifying prospect of systemic collapse of the global financial system.
Exacerbating the extreme challenges faced by distressed companies and debtors once in bankruptcy has been an unparalleled contraction in global credit markets. Indeed, at the very same time that bankruptcy filings dramatically increased, the availability of DIP financing dramatically decreased. This has resulted, in part, in an increasing number of asset sales to fund corporate wind downs and reorganizations ' including in the high profile bankruptcies of Lehman Brothers, Inc., Chrysler LLC and General Motors Corp. In addition, many debtors able to obtain DIP financing have been required to agree to asset sales on highly compressed timelines as a condition to borrowing.
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