SBA Change of Control Guidance and Insolvent PPP Borrowers
$7.500 Unable to continue operations, the PPP borrower has a fiduciary duty to maximize the value of its assets for the benefit of its creditors. The PPP borrower therefore runs a sale process in the hopes of obtaining an offer to purchase substantially all of the assets as a “going concern” for at least $22.5 million, which is necessary to fully repay its secured and unsecured creditors. The best offer received is only $12.5 million, clearly much higher than liquidation value, but not en...
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Source: natlawreview.com