The Adler Restructuring Plan Judgment: Is Pari Passu Passé?

What Happened

Filed under:
United Kingdom, Insolvency & Restructuring, Litigation, Tax, Cadwalader Wickersham & Taft LLP, HM Revenue and Customs (UK)
Authors:
Bevis Metcalfe , Gregory M. Petrick , William Sugden
Location:
United Kingdom
Firm:
Cadwalader Wickersham & Taft LLP
BP in the wake of the Deepwater Horizon incident and the bankruptcy implications of mounting environmental liabilities

On April 20, 2010, an explosion on the Deepwater Horizon oil drilling rig located off the coast of Louisiana killed eleven crewmen and set off what is now considered the largest offshore oil spill in U.S. history. As a result, BP p.l.c. (“BP”), the parent company of the British Petroleum multinational corporation, faces mounting liabilities related to the damages caused by the disaster and hundreds of lawsuits that have been filed in numerous U.S. state and federal courts.

Filed under:
USA, Energy & Natural Resources, Environment & Climate Change, Insolvency & Restructuring, Cadwalader Wickersham & Taft LLP, Pollution, Bankruptcy, Injunction, Liability (financial accounting), Public limited company, Subsidiary, Gross negligence, Goldman Sachs
Authors:
Richard Nevins , Gregory M. Petrick , Peter M. Friedman , Ingrid Bagby
Location:
USA
Firm:
Cadwalader Wickersham & Taft LLP