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The Chapter 11 process is intended to provide the debtor with a fresh-start without the same level of debt or other liabilities. However, in many cases a debtor that enters bankruptcy does not emerge as a reorganized entity because liquidation of the entity or another path forward would best protect the interests of the various parties to the proceedings. For example, a sale of some or substantially all of the debtor's assets, or perhaps even liquidation of the enterprise, may realize the most value for the creditors. This chapter covers the sales of assets while in bankruptcy as well as quasi-reorganizations.

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