O’Melveny’s Rapisardi, Zujkowski Author NYLJ Article on Controversial 363 Sale

November 23, 2015 O'Melveny & Myers partner John Rapisardi and counsel Joe Zujkowski co-authored the November 10, 2015, New York Law Journal article, "Third Circuit Approves Controversial 363 Sale Over IRS Objection."  The authors detail the Third Circuit's recently affirmed approval of the sale of substantially all of the assets of acute-care hospital operator LifeCare Holdings, Inc. pursuant to §363 of the Bankruptcy Code.  "While this decision may seem contrary to both the intent behind the Bankruptcy Code's priority scheme and the Third Circuit's 2005 decision in In re Armstrong, it further reflects the flexibility bankruptcy and appellate courts have granted debtors to achieve results through a 363 sale process that could not be accomplished under a chapter 11 plan," the authors conclude.

Rapisardi is co-chair and Zujkowski is a member of O’Melveny’s Restructuring Practice.  They reside in the Firm’s New York office.