Sullivan & Cromwell Partners Ari Blaut and Benjamin Beller co-authored the article “‘Naked’ Section 363 Sales in Restructurings of Life Sciences Companies May Maximize Value” for The Review of Banking & Financial Services. In the article, Ari and Ben analyze how the recent trend of “naked” section 363 sales highlights the importance of stakeholders looking beyond the standard playbook to maximize value.
“While historically, debtors and supporting creditors have favored filing chapter 11 with either a stalking horse bid or back-up equitization, the rising trend of successful chapter 11 restructurings implemented through naked section 363 sales shows that stakeholders should not take a one-size-fits-all approach,” Ari and Ben write. “And while this trend has emerged in the life sciences industry over the recent period, chapter 11 debtors in other industries may learn lessons from the successes (and failures) of these recent cases.”
Read the article.