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Just “Released” by the Third Circuit: In re Millennium Lab Holdings II Key Takeaways

In a highly anticipated decision issued last Thursday (on December 19, 2019), the United States Court of Appeals for the Third Circuit held in In re Millennium Lab Holdings II, LLC that a bankruptcy court may constitutionally confirm a chapter 11 plan of reorganization that contains nonconsensual third-party releases. The court considered whether, pursuant to the United States Supreme Court’s decision in Stern v. Marshall, 564 U.S. 462 (2011), Article III of the United States Constitution prohibits a bankruptcy court from granting such releases.

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, United States bankruptcy court
Eurosail — has the balance been redressed?

Eurosail’s journey has come to an end: the Supreme Court rejects the “point of no return” test, returns to balance sheet basics.

John Houghton, European Head of Restructuring and Co-Global Chair of Bankruptcy and Restructuring remarks:

United Kingdom, Insolvency & Restructuring, Litigation, Latham & Watkins LLP, Liquidation, Balance sheet, Insolvency Act 1986 (UK)
European Directories — Court of Appeal decision intercreditor release clauses

Summary

In one of the most eagerly awaited appeals to affect the restructuring and insolvency community since MyTravel, the Court of Appeal in the European Directories case ruled on Friday 22 October that:

European Union, Insolvency & Restructuring, Litigation, Latham & Watkins LLP, Share (finance), Shareholder, Surety, Debt, Holding company, Court of Appeal of England & Wales