Chapter 11 section 363 valuation

Valuation in a Chapter 11 context is very similar to valuation under normal circumstances; take some normalized EBITDA, multiple by some comparable multiple, etc etc. There are good chapters on the matter in Moyer's book, the Art of Distressed M&A, or, if you're looking for something free, the HL RX case study. There are some differences between valuation in a reorganization vs in a 363 sale; the latter is supposed to be an auction where the assets are widely marketed in order to achieve the highest possible valuation, implying that a bidding war can increase the price. Bid protections and minimum bid increments can hurt or help a debtor; multiple interested investors bidding on highly desirable assets can create a windfall for creditors. The initial bidder is labeled the "stalking horse", and sets the standards terms of the transaction, leaving subsequent bidders to mostly focus on price vs ancillary provisions. The stalking horse sets a floor for valuation, and is given some small % of transaction value as bid protection in the case a larger bid enters, as compensation for undergoing initial DD. In 363 sales, then, there is a (or multiple) third party that sets the valuation. To contrast, a reorganization plan might spark a valuation "fight", wherein the senior creditors argue for one (smaller) valuation and junior constituents argue for another (larger) valuation, and some consensus between the parties must be negotiated. ((I'm not quite sure how to relate this back to the numbers you provided, as you can't really value a company based on just rev and debt))

DIP lending-- lending to a company in bankruptcy, usually in a super-priority position-- can come in different flavors (based on the type of priority etc) and can be "defensive" or "offensive". Offensive DIP facilities are from third parties not otherwise involved in the case. Defensive, probably most common, is when the financing is provided by current lenders trying to achieve a better position in the cap structure. They are sometimes able to roll their existing debt into the dip loan, which may prime other liens, taking a superior position in collateral. I'm not sure if this is at all what you're looking for-- just trying to quickly type something out.