Local Rule 6004. SALE MOTIONS IN CHAPTER 11 CASES
(a) Applicability of rule. Except as otherwise provided in these local rules, this rule applies to motions filed in chapter 11 cases to sell property of the estate under 11 U.S.C. § 363(b) ("sale motions") and motions seeking approval of sale, bid or auction procedures in anticipation of or in conjunction with a sale motion.
(b) Sale Motions. Except as otherwise provided in these local rules, the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, or an order of the court, all sale motions must include the following information, or include a declaration of counsel stating why such information has not been provided:
(B) If a proposed buyer has discussed or entered into any agreements with management or key employees regarding compensation or future employment, the sale motion must disclose the material terms of any such agreements.
(D) The sale motion must disclose whether an auction is contemplated, and highlight any provision in which the debtor has agreed not to solicit competing offers for the property subject to the sale motion or to otherwise limit the marketing of the property.
(G) The sale motion must highlight any provision pursuant to which a debtor is entering into any interim agreements or arrangements with the proposed purchaser, such as interim management arrangements (which, if out of the ordinary course, also must be subject to notice and a hearing under 11 U.S.C. § 363(b)), and the terms of the agreements.
(H) The sale motion must highlight any provision pursuant to which a debtor proposes to release sale proceeds on or after the closing without further court order, or to provide for a definitive allocation of sale proceeds.
(I) The sale motion must highlight any provision seeking to have the sale declared exempt from taxes under 11 U.S.C. § 1146(a), and the type of tax (e.g., recording tax, stamp tax, use tax, or capital gains tax) for which the exemption is sought. It is not sufficient to refer simply to "transfer" taxes and the state or states in which the affected property is located.
(J) If the debtor proposes to sell substantially all of its assets, the sale motion must highlight whether the debtor will retain, or have reasonable access to, its books and records to enable it to administer its bankruptcy case.
(K) The sale motion must highlight any provision pursuant to which the debtor seeks to sell or otherwise limit any rights to pursue avoidance claims under Chapter 5 of Title 11 of the United States Code.