Consummating Distressed M & A Deals Using Bankruptcy Code Section 363

The ALI-ABA Knowledge Portal

03/09/2011 12:30 p.m. - 02:00 p.m.

Mergers + Acquisitions and Business Restructuring + Insolvency

Henry M. Fields and Kenneth E. Kohler

Kenneth E. Kohler and Henry M. Fields

Speaking Engagement

Inside look at the recent ground-breaking bank recapitalization and sale of AmericanWest Bank. Use of Section 363 of the Bankruptcy Code in a novel and creative manner avoided the failure of the bank.

With the guidance of its financial advisor, Sandler O'Neill + Partners, L.P., and Morrison & Foerster's bank regulatory, bankruptcy, and M&A groups, AmericanWest effectively addressed various regulatory, public relations, legal and procedural issues to obtain bankruptcy court approval in 42 days and consummate the recapitalization and sale of AmericanWest Bank to a private equity-backed group.

Innovative use of Section 363 of the Bankruptcy Code also permitted AmericanWest Bank to overcome the likely "blocking position" of the holding company's outstanding trust preferred securities.

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