Hornblower Holdings LLC, 24-90061

Hornblower Holdings LLC and related entities filed for Chapter 11 bankruptcy in the Southern District of Texas.
The Debtors sought approval from the court to enter into agreements to sell certain assets, specifically two vessels (OCEAN VOYAGER and OCEAN NAVIGATOR), free and clear of all liens, claims, interests, and encumbrances.
The sale process followed previously approved bidding procedures, including a competitive auction.
John W. Waggoner emerged as the successful bidder for the vessels; Ship Management Group LLC was designated as the backup bidder.
The motion considered whether the proposed transaction met statutory requirements for a sale free and clear under section 363 of the Bankruptcy Code, as well as issues of notice, due process, and good faith.
The order also addressed the disposition of sale proceeds and protections for the buyer, including mutual releases and waivers of successor liability.

Issue	Plaintiff's Argument	Defendant's Argument	Held
Authority to Sell Assets Free and Clear	Sale within business judgment under 363(f)	N/A (Debtors are movant)	Approved; statutory standards satisfied
Notice and Opportunity to Object	Notice was adequate per court orders	N/A	Adequate notice and opportunity to object given
Good Faith and Arm’s-Length Transaction	Sale negotiated in good faith; no collusion	N/A	Buyer is a good-faith purchaser; entitled to 363(m) protections
Successor Liability and Releases	Buyer not liable for pre-existing liabilities	N/A	Buyer protected from successor liability