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Pharmaceutical Industry › Bankruptcy Code

Ward and Smith, P.A.

Should I Care About the Purdue Pharma Decision?

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On June 27, 2024, the United States Supreme Court decided the Purdue Pharma appeal. In a five-to-four decision, the Supreme Court held that a bankruptcy court may not extend to non-debtors the benefits of a Chapter 11...more

ArentFox Schiff

Breaking: Third Circuit Declares Mallinckrodt’s Future Royalty Payment Obligations Dischargeable – Caution, Warning, and Options

ArentFox Schiff on

On April 25, the US Court of Appeals for the Third Circuit issued its precedential opinion in Mallinckrodt v. Sanofi-Aventis, Case No. 23-1111, reminding everyone that “creditors take on risks” when it ruled that the debtor...more

Jones Day

Second Circuit Green Lights Purdue Pharma Chapter 11 Plan Containing Nonconsensual Third-Party Releases

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There is longstanding controversy concerning the validity of third-party release provisions in non-asbestos trust chapter 11 plans that limit the potential exposure of various non-debtor parties involved in the process of...more

Dechert LLP

Texas Two Step is Alive and Well

Dechert LLP on

The Bankruptcy Court for the District of New Jersey denied motions to dismiss the chapter 11 case of the newly created subsidiary of Johnson & Johnson, LTL Management LLC, and granted the debtor’s motion to stay prosecution...more

Bailey & Glasser, LLP

Third Circuit Signals Possible Limitations On Setoff Rights

Bailey & Glasser, LLP on

Parties to corporate transactions often rely on contractual setoff rights to help ensure that they can be paid or at least limit the amounts lost if the counterparty fails to pay.  While the Bankruptcy Code generally protects...more

Dechert LLP

No Triangular Setoff in the Third Circuit

Dechert LLP on

In a recent decision, the Court of Appeals for the Third Circuit closed the door on triangular setoffs, ruling that the mutuality requirement under Section 553 of the Bankruptcy Code must be strictly construed and requires...more

Cole Schotz

New Delaware Chapter 11 Filing – Kalobios Pharmaceuticals, Inc.

Cole Schotz on

Kalobios Pharmaceuticals, Inc., a biopharmaceutical company that develops cancer treatments, has commenced a case under Chapter 11 of the Bankruptcy Code by filing a petition for relief with the U.S. Bankruptcy Court for the...more

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