News & Analysis as of

Chapter 11 Sale of Assets Commercial Leases

Nutter McClennen & Fish LLP

Tenant’s Rights When Its Commercial Landlord Seeks Chapter 11 Protection

Financial distress persists in the commercial real estate market, raising the prospects that property owners and landlords could seek relief under chapter 11 of the Bankruptcy Code. The Bankruptcy Code contains numerous...more

Ward and Smith, P.A.

What Happens to My Lease in Bankruptcy?

Ward and Smith, P.A. on

Suppose you own farmland or retail commercial space and you lease your property. What happens to your lease if the lessee files bankruptcy? And what must be done if your lessee wants to continue to honor your lease...more

Patterson Belknap Webb & Tyler LLP

Asset Sales in Bankruptcy: Public Auctions vs. Private Sales under Bankruptcy Code Section 363

We now address assets sales under Bankruptcy Code section 363. The statute allows debtors to use, sell, or lease their property in the ordinary course of business without court permission. But a debtor’s use, sale, or lease...more

Kramer Levin Naftalis & Frankel LLP

Third Circuit Upholds Right of Tenant to Continued Possession of Rejected Lease Premises and Reduced Rent Payable to Purchaser...

Recently, in IDEA Boardwalk, LLC v. Revel Entertainment Group, LLC; Polo North Country Club, Inc. (In re Revel AC Inc.), No. 17-3607 (3d Cir. Nov. 30, 2018), the Third Circuit held that Section 365(h) of the Bankruptcy Code...more

Jones Day

Lease Profit-Sharing Provision Unenforceable Condition to Assignment in Bankruptcy

Jones Day on

In Antone Corp. v. Haggen Holdings, LLC (In re Haggen Holdings, LLC), 2017 WL 3730527 (D. Del. Aug. 30, 2017), the U.S. District Court for the District of Delaware considered whether, as part of a bankruptcy asset sale, a...more

Jones Day

Eroding the Majority Rule: Another Circuit Concludes That Lease Can Be Extinguished in Free-and-Clear Bankruptcy Sale

Jones Day on

The ability of a trustee or chapter 11 debtor-in-possession ("DIP") to sell bankruptcy estate assets "free and clear" of competing interests in the property has long been recognized as one of the most important advantages of...more

Morris James LLP

Women’s Clothing Retailer, Cache Inc., Seeks Protection Inside Chapter 11

Morris James LLP on

On February 4, 2015, women’s clothing retailer, Cache Inc., filed a chapter 11 bankruptcy case in Delaware. The petition lists the top 30 unsecured creditors. Two of the largest creditors are landlords Simon Property Group...more

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