Article 689 — Plan for the Take-Over of the Business

1/ The sale of the business as a going-concern may be prepared by the expert in the field of restructuring in the framework of preventive restructuring proceedings or, by the supervisor in reorganization after the opening of reorganization proceedings. 2/ The debtor, its directors and shareholders shall have the right to make a take-over bid for the business as a going-concern; but shall obtain the authorization of the supervisory judge. 3/ The expert in restructuring and supervisor in reorganization shall organize the sale-process as they deem appropriate with the objective of maximizing the value of the business as a going-concern for the benefit of the creditors; they may be assisted by experts, consultants or investment banks. 4/ The supervisor in reorganization may organize a public auction or arrange for a private sale of the business as a going-concern only where it has become apparent that the reorganization plan has been rejected or is likely to be rejected. 5/ In the case of private sale, the offers may be kept confidential in order to increase the value of the business as a going-concern. 6/ Where the sale of the business as a going-concern has been prepared by the supervisor in reorganization, he shall make the selected offer public following the opening of the reorganization proceedings in order to obtain competing bids; after an appropriate period of time to be fixed by the Court, the supervisor in reorganization shall submit the offers to the vote of the general creditors’ meeting.