News & Analysis as of

Consent Debtors

Vinson & Elkins LLP

District Court in Virginia Continues Questioning of Third-Party Releases – At Least in the Absence of Detailed Findings of...

Vinson & Elkins LLP on

Judge Colleen McMahon recently opined in Purdue1 that “the lower courts desperately need a clear answer” as to the validity of third-party releases. On January 13, 2022, the United States District Court for the Eastern...more

Patterson Belknap Webb & Tyler LLP

Chapter 15: US Court Respects UK Scheme of Arrangement: Third-Party Releases Enforced

Judge Martin Glenn granted recognition to a UK scheme of arrangement with third-party releases that lacked full creditor consent. In re Avanti Communs. Grp., PLC, No. 18-10458, 2018 Bankr. LEXIS 1078 (Bankr. S.D.N.Y. Apr. 9,...more

Patterson Belknap Webb & Tyler LLP

Bankruptcy Remoteness Going to a Court of Appeals (Progress Report No. 2)

Our February 22 post reported that the Franchise Services of North America, Inc. decision of Bankruptcy Judge Edward Ellington of the Southern District of Mississippi dismissing a Chapter 11 petition because a shareholder had...more

Kramer Levin Naftalis & Frankel LLP

“Golden Share” Equity Holder Can Bar Bankruptcy Filing

The Bankruptcy Court in the Southern District of Mississippi (the “Court”), in In re Franchise Services of North America, Inc., Case No. 1702316EE (Bankr. S.D. Miss. Dec. 18, 2017), upheld the blocking power held by a...more

Patterson Belknap Webb & Tyler LLP

Non-Consensual Third-Party Releases in Chapter 11 Plans: a Recent Decision

A recent decision of the United States Bankruptcy Court for the Southern District of New York provides important guidance on the limits of nonconsensual third-party releases in the Second Circuit. SunEdison, Inc. sought...more

McCarter & English, LLP

Delaware Law Updates – Freedom of Contract in LLC Structure Is Not Absolute Where Parties Seek Bankruptcy Relief

In re Intervention Energy Holdings, LLC, Case No. 16-11247 (D. Del. June 3, 2016), the Bankruptcy Court for the District of Delaware dealt with the issue of whether a Delaware LLC lacked authority to file a Chapter 11...more

Foley & Lardner LLP

More TCPA Lawsuits Coming: Express Consent Can Be Revoked at Any Time

Foley & Lardner LLP on

Express consent to be called using an autodialer can be revoked at any time, says the U.S. Court of Appeals for the Third Circuit. On August 22, 2013, in Gager v. Dell Financial Services, LLC, the Court attacked a common...more

Orrick - Finance 20/20

Patriot Coal Authorized to Modify Union Obligations

On May 29, Patriot Coal (Patriot) became the third major debtor in the last year to receive court approval to modify union benefits or reject a CBA under sections 1113 and 1114 of the Bankruptcy Code....more

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