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Successor Liability Chapter 11 Commercial Bankruptcy

Burr & Forman

Toxins-Are-Us: Bankruptcy Treatment of Environmental Liabilities

Burr & Forman on

Since taking office, President Joseph R. Biden has confirmed his commitment to addressing environmental issues. On April 9, 2021, he proposed allocating $14 billion toward initiatives to fight climate change, including large...more

Jones Day

Assets May Be Sold in Bankruptcy Free and Clear of Successor Liability

Jones Day on

The ability of a bankruptcy trustee or chapter 11 debtor-in-possession ("DIP") to sell assets of the bankruptcy estate "free and clear" of "any interest" in the property asserted by a non-debtor is an important tool designed...more

Jones Day

Washington District Court Overturns Approval of Third-Party Releases in a Settlement Agreement and Related Free-and-Clear Sale

Jones Day on

For nearly 25 years, courts in the Ninth Circuit have consistently refused to sanction nonconsensual third-party releases as part of chapter 11 plans. A ruling recently handed down by the U.S. District Court for the District...more

K&L Gates LLP

K&L Gates Triage: Sales of Healthcare Businesses in Chapter 11– The Basics

K&L Gates LLP on

A sale of a business under Section 363 of the U.S. Bankruptcy Code or through Chapter 11 can provide the best possible title to the purchaser and may be an appropriate avenue for selected assets or complex and valuable going...more

Locke Lord LLP

The Stone Energy Bankruptcy: Lessons for the JOA

Locke Lord LLP on

In 2011, Stone Energy Corporation and Triad Hunter, LLC entered into a development agreement for the exploration of about 4,200 acres in West Virginia under a 1989 form JOA. Each party owned 50% and Stone was designated as...more

Perkins Coie

Environmental Liabilities in Oil & Gas Sales Under Bankruptcy Code Section 363

Perkins Coie on

Since the beginning of 2015, at least 77 companies in the oil and gas industry have sought bankruptcy relief in the United States. The flow of oil and gas company bankruptcies shows no sign of slowing down and, based on the...more

K&L Gates LLP

Section 363 Sale Order Enjoining Successor Liability Claims Not Subject to Subsequent Attack by State Agencies

K&L Gates LLP on

A recent decision in the ongoing bankruptcy proceedings for Chrysler has reinforced the authority of a bankruptcy court to interpret its own sale orders, and where appropriate, to enforce such an order by preventing creditors...more

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