U.S. Supreme Court to Weigh in on Structured Dismissals and Settlements Circumventing the Bankruptcy Code’s Priority Scheme

On June 28, 2016, the U.S. Supreme Court agreed to hear a challenge to a Third Circuit-affirmed settlement and dismissal of the chapter 11 cases of Jevic Transportation, Inc. (“Jevic”) and certain of its affiliates. SeeOfficial Comm. of Unsecured Creditors v. CIT Grp./Bus. Credit Inc. (In re Jevic Holding Corp.), 787 F.3d 173 (3d Cir. 2015), cert. grantedCzyzewski v. Jevic Holding Corp., No. 15-649, 2016 WL 3496769 (U.S. 2016).

Filed under:
USA, Insolvency & Restructuring, Litigation, Cole Schotz PC, Wage, Bankruptcy, Unsecured debt, Class action, Federal Reporter, Leveraged buyout, Sun Capital Partners, US Code, Worker Adjustment and Retraining Notification Act 1988 (USA), Supreme Court of the United States, United States bankruptcy court, Third Circuit, US District Court for District of Delaware
Authors:
Jacob S. Frumkin , Adam H. Morsy
Location:
USA
Firm:
Cole Schotz PC