In re Gulf Coast Oil Corp.

Ruling: 
Motion for sale of substantially all assets denied absent sufficient business justification.
Procedural posture: 
Debtors, affiliated entities engaged in oil and gas exploration and production, determined that reorganization under chapter 11 was not possible, and the debtors moved pursuant to 11 U.S.C.S. § 363(b) for authorization to sell substantially all of the debtors' assets to the debtors' sole secured lender and to assign to the lender various executory contracts to maintain the value of those assets.
Issue: 
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Commercial case opionion summary, case decided on February 11,2009, LexisNexis #0409-113