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On June 30, Callaway Golf Co. announced that it had agreed to purchase the majority of the assets of Top-Flite Golf Co. The purchase agreement required Top-Flite to make a pending bankruptcy filing and seek court approval of the sale. This deal, known as a 363 sale, is an example of the increasing use of � 363 of the U.S. Bankruptcy Code to acquire assets from financially distressed entities and illustrates some of the benefits and rationales of purchasing assets through such a sale.
August 18, 2003 at 12:00 AM
1 minute read
The original version of this story was published on National Law Journal
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