When selling significant assets in Chapter 11, debtors and their professionals often proceed with a stalking-horse bid to establish the purchase price floor. Occasionally, however, assets valued at $100M+ are put on the auction block without a stalking-horse bid. How does one determine whether to embrace or avoid a stalking-horse bid?

In this American Bankruptcy Institute article, Eric Horn examines the recent sale of the Washington Marriott Wardman Park Hotel – launched without a stalking-horse bid – and evaluates whether the benefit in that case exceeded the risks.
ABI members can access the full article here. (Subscription required.)