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Stalking Horse Bidder in Section 363 Sales: Benefactor or Predator?

By Christopher M. Cahill
May 02, 2015

Debtors and creditors committees in Chapter 11 cases often regard a “stalking horse” bidder as a benefactor of most or all stakeholders, for it enhances the market for the sale of the debtor's assets as a going concern in a section 363 sale. Outside of U.S. bankruptcy usage, and for the vast majority of its life, the term “stalking horse” has referred to an artifice for predators. In some circumstances, a stalking horse bidder in a section 363 sale can more closely resemble the term's original meaning.

The Stalking Horse Bidder As Benefactor

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