Business asset sales pursuant to Section 363 of the Bankruptcy Code have become increasingly popular as a method by which buyers and sellers transfer financially distressed assets. Through a § 363 sale, company officers can fulfill their fiduciary obligations to creditors and ownership by maximizing value and minimizing transaction costs. Purchasers receive enhanced value by proceeding quickly in often deteriorating circumstances and obtaining the protections afforded by a sale “free and clear” of preexisting liens and interests, as well as enhanced finality compared to sales outside of bankruptcy.  Fort Dearborn has assisted companies through the § 363 process in a variety of situations.