Sears Bankruptcy Case Shows Modification Disclosure Is Key

By Frank Grese and Reginald Sainvil (June 23, 2022, 5:52 PM EDT) -- The U.S. District Court for the Southern District of New York recently upheld a bankruptcy court decision that demonstrates the importance of meaningfully disclosing to a bankruptcy court and parties in interest any material modifications to an agreement for the purchase of assets in a bankruptcy.[1]

Though the district court focused on the core contractual dispute at issue, the underlying bankruptcy court's bench ruling shined a light on the importance of meaningful disclosure of amendments to an asset purchase agreement because the historical setting can be a factor if any dispute arises later between a debtor and a buyer.[2]

On May...

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