"Delphi Decision Raises Creditors’ Hopes"
The Distressed Debt Report | Jun 23, 2009
Article says a judge is requiring an open process for competitive bidding of the company’s assets.
“In the ordinary course of business, ‘no shop’ provisions in asset sale contracts are not unusual…but they are ‘much less frequent’ in bankruptcy proceedings. You need to come up with some basic metric of fair value. Bankruptcy typically relies on some kind of implied auction process.”
Patrick Lagrange, Carl Marks Advisory Group LLC, quoted as TMA president
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