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Letting Go Can Be Hard to Do – the Current State of Non-Consensual Third Party Releases in Chapter 11 Cases
Business Law Section
Credit(s):
1.25 Legal Specialization in Bankruptcy Law
1.25 Participatory MCLE Credits
Non-consensual third-party releases in Chapter 11 plans (in which parties that have not filed bankruptcy nevertheless benefit from broad release provisions that are included in the Chapter 11 plans) have been a controversial topic in business bankruptcy cases for many years.
Some courts, such as the Ninth Circuit, have previously held that such releases are impermissible. Others, such as the Second and Third Circuits, have permitted them in various circumstances.
There has been a bevy of recent decisions on this topic (as well as on exculpation clauses) recently. These include the blockbuster Purdue Pharma case in New York (which held that there is no statutory basis for non-consensual third party releases) to the Ninth Circuit’s Blixseth case (which held that Section 524(e) of the Bankruptcy Code did not bar a narrow exculpation clause).
Among the cases we will discuss are In re Purdue Pharma, L.P. (S.D.N.Y.), In re Mahwah Bergen Retail Group, Inc. (f/k/a Ascena Retail Group, Inc.) (E.D. Va.), Blixeth v. Credit Suisse (9th Circuit), and In re Astria Health (Bankr. E.D. Wash.).
1.25 Legal Specialization in Bankruptcy Law
1.25 Participatory MCLE Credits
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