When Florida companies are experiencing a period of financial distress, many turn to the Bankruptcy Court for protection from creditors and the opportunity to restructure the company in the hopes it will come out of bankruptcy in a better financial position. During Chapter 11 proceedings, assets may be sold in order to pay creditors. This process is not as simple as simply negotiating a buy/sell agreement.
Section 363 of the U.S. Bankruptcy Code governs the sale of assets during a Chapter 11. Therefore, a reference to a "363 sale" means that the assets being sold are from a company during bankruptcy. These sales must follow and comply with the Code, which includes the need for the Bankruptcy Court to approve them before they can be considered final.