News & Analysis as of

Czyzewski v Jevic Holding Corp Bankruptcy Code WARN Act

Dorsey & Whitney LLP

Option III - Structured Bankruptcy Dismissals are Alive and Well Even After Jevic

Dorsey & Whitney LLP on

Justice Breyer of the Supreme Court previously recognized that a chapter 11 bankruptcy case can generally lead to the following results: ..reorganization through a confirmed chapter 11 plan, where a deal with creditors...more

Kramer Levin Naftalis & Frankel LLP

The Jevic Fallout: Settlement DENIED

In one of the first of many cases to determine the scope of the Supreme Court’s recent decision in Jevic, the Bankruptcy Court for the Eastern District of Tennessee denied a proposed settlement by the Debtor that the court...more

Bradley Arant Boult Cummings LLP

High Court Rules Final, Nonconsensual Structured Dismissals Invalid

The Bankruptcy Code contemplates that a Chapter 11 bankruptcy case will be concluded in one of three ways: a confirmed Chapter 11 plan, a conversion to Chapter 7 for liquidation of remaining estate assets, or a dismissal of...more

A&O Shearman

Priority is Paramount: Supreme Court Holds Structured Dismissals Cannot Violate Bankruptcy Code’s Established Priorities

A&O Shearman on

On March 22, 2017, the United States Supreme Court (the Supreme Court) in In re Jevic Holdings Corp. held that a final disposition of estate funds cannot violate the Bankruptcy Code’s priority system by distributing value to...more

Mintz - Bankruptcy & Restructuring Viewpoints

Keep On Truckin’: Priority Rules Still Rule in Structured Dismissals

In 2015, Distressing Matters reported on the Third Circuit’s decision in In re Jevic Holding Corp., wherein that panel ruled that, in rare circumstances, bankruptcy courts may approve the distribution of settlement proceeds...more

Ward and Smith, P.A.

Supreme Court Absolutely Affirms the Absolute Priority Rule

Ward and Smith, P.A. on

The United States Supreme Court recently decided a case that impacts lenders and other creditors in Chapter 11 bankruptcy proceedings. The Supreme Court held that a bankruptcy court may not approve a “structured dismissal” of...more

Holland & Knight LLP

Supreme Court Limits Use of Structured Dismissals of Chapter 11 Cases

Holland & Knight LLP on

In a 6-2 decision on March 22, 2017, the U.S. Supreme Court determined that bankruptcy courts may not approve a structured dismissal of a Chapter 11 case that provided for distributions of estate funds that do not follow...more

Foley & Lardner LLP

Supreme Court Bars Structured Dismissals of Bankruptcy Cases That Violate the Code’s Priority Distribution Scheme – Could it...

Foley & Lardner LLP on

On March 22, 2017 the Supreme Court issued its long-awaited ruling regarding the legality of structured dismissals of Chapter 11 bankruptcy cases that would make final distributions of estate assets to creditors in a manner...more

Foley & Lardner LLP

Yes, Virginia, there is a Code Priority Scheme: Supreme Court Strikes Down Structured Dismissals in Jevic

Foley & Lardner LLP on

A potential threat to the Code’s priority scheme is the allowance of “structured dismissals,” which include a settlement as part of the dismissal of the chapter 11 case that would distribute estate assets in a manner that...more

Jones Day

U.S. Supreme Court Invalidates Non-Consensual Structured Dismissal Deviating from Bankruptcy Priority Scheme

Jones Day on

The U.S. Supreme Court ruled on March 22, 2017, in Czyzewski v. Jevic Holding Corp., that without the consent of affected creditors, bankruptcy courts may not approve "structured dismissals" providing for distributions that...more

Dechert LLP

Absolute Priority Remains Absolute – US Supreme Court Holds Structured Dismissals Cannot Violate Priority Rules

Dechert LLP on

In a highly anticipated bankruptcy opinion, the United States Supreme Court, in Czyzewski v. Jevic Holding Corp., held that courts may not approve structured dismissals providing for distributions that deviate from the...more

Kramer Levin Naftalis & Frankel LLP

Jevic - The Supreme Court Puts the "Dis" in Structured Dismissals

In a much anticipated decision issued on March 22, 2017, the United States Supreme Court determined in Czyzewski v. Jevic Holding Corp. (“Jevic”) that a “structured dismissal” of a bankruptcy case cannot include a...more

Kelley Drye & Warren LLP

Jevic Could Be the Most Consequential Chapter 11 Decision in Many Years

Kelley Drye & Warren LLP on

The U.S. Supreme Court will hear the case of Czyzewski v. Jevic Holding Corp. during the new term that began last week. The questions it presents are relatively simple. First, can a bankruptcy court, in dismissing a case...more

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