Pryor Cashman Partner Seth H. Lieberman, Chair of the Bankruptcy, Reorganization + Creditors’ Rights Group and Co-Chair of the Corporate Trust Practice, was quoted in a Bloomberg Law article examining Spirit Aviation Holdings Inc.’s bankruptcy sale process for its 22 takeoff and landing slots at New York’s LaGuardia Airport.

In the article, “Spirit’s LaGuardia Slot Sale Kicks Off High-Stakes Airport Fight,” Seth discussed how bankruptcy courts evaluate competing bids under a “highest and best” standard, emphasizing that the “best” component often accounts for more than the purchase price, noting:

“While “highest” is fairly straightforward dollar amount, the “best” element accounts for deal certainty, closing speed, and regulatory hurdles.”

The article highlights how Spirit’s slot sale presents a complex bankruptcy asset sale, balancing creditor recovery with regulatory scrutiny over competition, timing, certainty, and approval.

Read the full article using the link below (subscription may be required).