IN RE ICL HOLDING CO., INC.

No. 14-2709.

802 F.3d 547 (2015)

In re ICL HOLDING COMPANY, INC., et al., Debtors. United States of America, Appellant.

United States Court of Appeals, Third Circuit.

Opinion filed: September 14, 2015.


Attorney(s) appearing for the Case

Tamara W. Ashford , Acting Assistant Attorney General, David A. Hubbert , Deputy Assistant Attorney General, Thomas J. Clark, Esquire (Argued), Bethany B. Hauser, Esquire , Christopher Williamson, Esquire , United States Department of Justice, Tax Division, Washington, DC, Charles M. Oberly, III , United States Attorney Ellen W. Slights, Esquire , Office of the United States Attorney, Wilmington, DE, Counsel for Appellant.

Anthony W. Clark, Esquire (Argued), Kristhy M. Peguero, Esquire , Skadden, Arps, Slate, Meagher & Flom, Wilmington, DE, Felicia G. Perlman, Esquire , Matthew N. Kriegel, Esquire , Candice Korkis, Esquire , Skadden, Arps, Slate, Meagher & Flom, Chicago, IL, Kenneth S. Ziman, Esquire , Skadden, Arps, Slate, Meagher & Flom, New York, N.Y., Counsel for Appellees ICL Holding Co., Inc., Boise Intensive Care Hospital Inc., CareRehab Services LLC, Crescent City Hospitals LLC, LifeCare Healthcare Holdings Inc., LifeCare HoldCo LLC, Lifecare Ambulatory Surgery Center Inc., Lifecare Holding Co. of Texas LLC, Lifecare Holdings Inc., Lifecare Hospital at Tenaya LLC, Lifecare Hospitals LLC, Lifecare Hospitals of Chester County Inc., Lifecare Hospitals of Dayton Inc., Lifecare Hospitals of Fort Worth LP, Lifecare Hospitals of Mechanicsburg LLC, Lifecare Hospitals of Milwaukee Inc., Lifecare Hospitals of Ne Orleans LLC, Lifecare Hospitals of North Carolina LLC, Lifecare Hospitals of North Texas LP, Lifecare Hospitals of Northern Nevada Inc., Lifecare Hospitals of Pittsburgh LLC, Lifecare Hospitals of San Antonio LLC, Lifecare Hospitals of Sarasota LLC, Lifecare Hospitals of south Texas Inc., Lifecare Investments LLC, Lifecare Investments 2 LLC, Lifecare Management Services LLC, Lifecare Reit 1 Inc., Lifecare Reit 2 Inc., Lifecare Specialty Hospital of North Louisiana LLC, Nextcare Specialty Hospital Of Denver Inc., Nextcare Hospitals Muskegon Inc., Pittsburgh Specialty Hospital LLC, San Antonio Specialty Hospital Ltd., LifeCare Holding Co., Inc., LifeCare Intermediate HoldCo Inc.

Laura D. Jones, Esquire , Peter J. Keane, Esquire , James E. O'Neill, III, Esquire , Bradford J. Sandler, Esquire , Pachulski Stang Ziehl & Jones, Wilmington, DE, Counsel for Appellee Official Committee of Unsecured Creditors.

Stanley B. Tarr, Esquire , Michael D. DeBaecke, Esquire , Blank Rome, Wilmington, DE, Ira S. Dizengoff, Esquire , Abid Quershi, Esquire , Akin Gump Strauss Hauer & Feld LLP, New York, N.Y., Scott Alberino, Esquire , Ashleigh L. Blaylock, Esquire , Akin Gump Strauss Hauer & Feld LLP, Washington, DC, Counsel for Appellees Steering Committee, Hospital Acquisition LLC.

Before: AMBRO, FUENTES, and ROTH, Circuit Judges.


OPINION OF THE COURT

11 U.S.C. § 363 allows a debtor to sell substantially all of its assets outside a plan of reorganization. In modern bankruptcy practice, it is the tool of choice to put a quick close to a bankruptcy case. It avoids time, expense, and, some would say, the Bankruptcy Code's unbending rules...

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