Asset Acquisition

Our Bankruptcy & Business Reorganizations attorneys regularly advise lenders, borrowers, debtors, and unrelated potential purchasers on the sale or acquisition of distressed assets.
Whether the sale takes place in or outside of the Chapter 11 process, we have a broad range of experience with developing and executing the strategic sale of assets.

We have significant experience navigating complex commercial real estate bankruptcy issues, including use of cash collateral, adequate protection disputes, relief from the automatic stay, cramdown plans, collateral valuation disputes, and related litigation.

We work with you to identify potential acquisition targets, develop competitive bids in an auction atmosphere, navigate the sometimes-complicated requirements of a sale within the United States Bankruptcy Code, and otherwise assist you in realizing a deal that is both strategically beneficial and legally sound. In connection with the acquisition of distressed assets, we have developed a nationally recognized talent for negotiating the assumption and assignment of executory contracts and unexpired leases.

Representative Experience

  • AgFeed: Special counsel to debtor in sale of domestic and international farming and genetics operations, including repatriation of cash from sale of Chinese assets.
  • Automotive Manufacturers: Represent automotive manufacturers regarding distressed suppliers, including negotiation of access and accommodation agreements during orderly wind-down and sale of suppliers’ assets.
  • Chicago Cubs: Represented buyer in acquisition of Chicago Cubs in conjunction with Tribune Company chapter 11.
  • Los Angeles Dodgers: Represented buyer of Los Angeles Dodgers through confirmed chapter 11 plan.
  • SquareTwo Financial: Represented buyer-plan sponsor regarding consumer debt portfolio in $400 million U.S. and Canadian cross-border acquisition through prepackaged plan of reorganization.
  • Texas Rangers: Represented buyer in acquisition of Texas Rangers in contested chapter 11 proceedings.
  • Universal Cooperatives: Represented debtor in chapter 11 liquidation, including sales of domestic and international assets.

Representative Matters

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Foley represented Guggenheim Baseball Management in its acquisition of the Los Angeles Dodgers, marking the single largest transaction ever for a professional sports franchise. The new ownership group is led by Mark Walter, Chief Executive Officer of Guggenheim Partners, Earvin “Magic” Johnson, Peter Guber, and Stan Kasten, the former president of the Atlanta Braves and Washington Nationals, among others. The transaction, valued at over $2 billion, closed as of April 30, 2012, per an agreement between owner Frank McCourt and Major League Baseball (MLB) that was approved by the Delaware Bankruptcy Court, with funding occurring on May 1, 2012. This complex transaction was a unique and highly competitive sale process and tight timeline that required closing within 30 days of being selected as the winning bidder and special consideration to matters related to mergers and acquisitions, tax, bankruptcy, financing, real estate and land use, and media rights, among other areas. Overall, more than 60 Foley attorneys from 11 offices and 12 different practice groups assisted on the transaction, demonstrating both the breadth and depth of Foley’s capabilities in assisting clients to navigate such complex and high-profile transactions. The Dodgers transaction follows on the heels of Foley's successful recent representations of Wayne Weaver in his sale of the Jacksonville Jaguars, Rangers Baseball Express LLC in its acquisition of the Texas Rangers, and the Ricketts Family in its acquisition of the Chicago Cubs, which previously held the record price for an MLB franchise sale at $845 million.
Retained to represent creditor and asset purchaser in a Chapter 11 case in the Eastern District of Wisconsin. Assisted the client in the acquisition of secured indebtedness of debtor, and purchase of all assets of debtor by credit bid in Section 363 sale.
Represented a German clothing and home goods catalog retailer in the purchase of Venus Swimwear, Inc. and Venus Manufacturing, Inc. from a court-appointed receiver.