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In two recent monumental bankruptcy cases, In re Chrysler LLC et al., 1 (Chrysler) and In re General Motors Corp. et al.,2 (GM), the U.S. Bankruptcy Court for the Southern District of New York approved the sales of the bulk of each of the debtor’s assets, outside of the ordinary course of business, pursuant to §363 of the Bankruptcy Code (11 U.S.C. §363). The sales were approved shortly after the filing of the respective debtors’ petitions commencing their voluntary Chapter 11 cases. In each case, the U.S. government played a significant role in effectuating the sales, through substantial prepetition financing and becoming a significant owner of each of the acquired entities.

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