Sanofi v. Mallinckrodt: Delaware Decision Highlights Importance of Asset Sale Structures in Later Bankruptcy Proceedings

In Sanofi-Aventis U.S. LLC v. Mallinckrodt PLC,1 the United States District Court for the District of Delaware ruled that a debtor that purchased intellectual property under a prepetition asset purchase agreement could continue to retain and use the property post-confirmation while discharging its obligations to pay any future royalties otherwise owed. The decision highlights the importance of structuring transactions up-front to minimize the consequences of future bankruptcies.

Background

Filed under:
USA, Insolvency & Restructuring, Litigation, Vinson & Elkins LLP, United States bankruptcy court, US District Court for District of Delaware
Authors:
David S. Meyer , William L. Wallander , Steven M. Abramowitz , Katherine Drell Grissel
Location:
USA
Firm:
Vinson & Elkins LLP
Second Circuit Determines Agent’s Mistaken Payment of Principal to Lenders Does Not Invoke “Discharge-For-Value” Exception to Restitution

On September 8, 2022, a three-judge panel in the United States Court of Appeals for the Second Circuit (the “Second Circuit”) reversed the United States District Court for the Southern District of New York (the “District Court”) when it determined that lenders of a syndicated loan facility to Revlon, Inc.

Filed under:
USA, New York, Banking, Insolvency & Restructuring, Litigation, Vinson & Elkins LLP, Second Circuit, United States bankruptcy court, US District Court for SDNY
Authors:
William L. Wallander , David S. Meyer , Steven M. Abramowitz
Location:
USA
Firm:
Vinson & Elkins LLP