Journal of Corporate Renewal Publishes Article by Jed Zobitz, Paul Zumbro and Evan Hill on How Buyers are Using State Law Mechanisms to Acquire Distressed Assets More Efficiently

The Turnaround Management Association’s Journal of Corporate Renewal published an article by Cravath partners George E. Zobitz, Paul H. Zumbro and Evan A. Hill in its May 2026 issue. The article, entitled “Why Buyers Are Increasingly Turning to State Law to Acquire Distressed Assets,” discusses how buyers are using state law mechanisms like Uniform Commercial Code (UCC) Article 9 sales and assignments for the benefit of creditors (ABCs) to acquire distressed assets more efficiently than through Chapter 11 bankruptcy sales. The piece also reviews key implications for deal practice, emphasizing the importance of early coordination among stakeholders, conducting a credible marketing and valuation process and, if the buyer is a secured creditor, early consideration of a credit bidding strategy.

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