Amendment to: Guidelines re Sale Orders and the Model Order

Paragraph C.5. of the Guidelines is amended as follows:

The court will generally not approve a blanket order that purports to provide for a sale free and clear of all liens, claims and interests, or free and clear of all liens, claims and interests of all parties that were served with the motion. Where adequate notice is served, the court will, however, approve an order providing for the sale free and clear of the claims of all creditors that do not assert a lien or security interest in the assets who (a) are listed on the schedules, (b) have filed a proof of claim, or c) filed a request for notice.

 

Paragraph 6 of the model order is amended as follows:

If the sale motion includes a request to sell the assets free and clear of liens, claims and interests pursuant to Section 363(f) of the Bankruptcy Code, and subject to compliance with the notice and other requirements of Guideline C: Pursuant to Section 363(f) of the Bankruptcy Code, effective upon closing, the sale of the Sale Assets will vest in the Buyer all right, title and interest of the Debtor and the bankruptcy estate in the Sale Assets, free and clear of the following liens, claims or interests (a) the claims of creditors listed on the Debtor's bankruptcy schedules, (b) the claims by parties who have filed claims or requests for special notice with the Court, provided the parties do not assert a lien or interest in the Sale Assets, and (c) the liens, claims or interests listed below (collectively, the "Affected Interests"):

 
[List persons asserting a lien, claim or other interest in or to the assets being sold and brief description of the affected property interest]