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United States Bankruptcy Court for the District of Delaware rules on lease assumption in Yellow Corporation chapter 11 bankruptcy protection filing under Section 365
To print this article, all you need is to be registered or login on Mondaq.com. Those who lease commercial property may find themselves unwilling participants in complex proceedings before the U.S. bankruptcy courts when a tenant files bankruptcy. Meanwhile, the lease becomes an asset among the "property of the estate" of the debtor, and the automatic stay imposed by U.S. Bankruptcy Code 1 serves to halt all collection and eviction activity in their tracks. In light of the fast-pace of many Chapter 11 reorganizations, often involving going-concern sales, it is imperati...