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| vol 16, num 3 | September 2019 |
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| I Have to Do WHAT?!? The Importance of Local Rules in Asset Sales |
| All too often, attorneys misunderstand (or worse, disregard) the importance of local rules in numerous contexts —particularly in the area of asset sales. Rather than they be merely an afterthought, practitioners should be encouraged to make the local rules a jumping-off point when seeking to conduct a sale through § 363 of the Bankruptcy Code. Before launching into what can often become an extended, complicated and costly sale process, a quick check of the applicable Local Rules may provide critical guidance and requirements to streamline the sale process, leading to optimal results. |
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| The Cobalt Energy Asset Sale: Winner of ABI’s First Annual Asset Sale of the Year Award |
The ABI Asset Sale Committee awarded the inaugural Asset Sale of the Year Award to the asset sale in the Cobalt Energy case. Cobalt International Energy Inc. and certain of its subsidiaries (collectively, “Cobalt”) closed five separate sales for substantially all of their assets in the deep-water Gulf of Mexico for aggregate purchase prices of approximately $577 million, all effectuated under a confirmed and consummated chapter 11 plan less than four months after commencing the chapter 11 cases.
These sales — to buyers based around the world from Israel to France to Norway — were the completion of a comprehensive restructuring and sale process that began 13 months earlier, in March 2017, and included a December 2017 settlement with the state oil company of the Republic of Angola that divested Cobalt of its offshore Angola assets and generated an additional $500 million in proceeds.
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| Winter Leadership Conference Registration Open Now! |
| Join the Asset Sales Committee at ABI's Winter Leadership Conference. The Terranea Resort in Rancho Palos Verdes is the setting for this year's annual program, which features topics designed for consumer and business practitioners, as well as financial advisors. As always, the conference provides numerous social and fun events to network and renew friendships with your colleagues from around the nation and
overseas. We look forward to seeing you in December!
This year, the Committee will be pairing with the Ethics and Professional Compensation Committee to host a session titled, “Yes, You Need Them: The Value of Financial Advisors and Investments Bankers in 363 Sales.”
Speakers for this session include:
- Ken Mann, Moderator – Equity Partners – Easton, Md.
- Monique Hayes – Goldstein & McClintock – Miami
- Carrianne Basler – Alix Partners – Chicago
- Sheila Smith – Gordon Brothers – Brookline, Mass.
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