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Second Circuit Picks a Side in Non-Consensual Third-Party Releases in Highly Anticipated Purdue Opinion

Introduction

Non-consensual third-party releases are provisions in reorganization plans that release non-debtor parties from liability to other non-debtor parties without the consent of all potential claimholders. These releases are frequently included in chapter 11 plans of reorganization. Most circuit courts allow these releases under certain circumstances; however, there is a split among circuit courts as to whether such non-consensual third-party releases are permitted by the Bankruptcy Code.

USA, Insolvency & Restructuring, Litigation, A&O Shearman, Bankruptcy, Second Circuit, US District Court for the Southern District of New York, U.S. Court of Appeals
Ninth Circuit Rules that the solvent debtor exception is alive and well in pg&e

Introduction

USA, Insolvency & Restructuring, Litigation, A&O Shearman, Ninth Circuit
The need for a legal ground to stand on: a shareholders class action is dismissed at the authorization stage for failure to meet article 1003 b) C.p.c. (Groupe d’action d’investisseurs dans Biosyntech c. Tsang, 2015 QCCS 3265)

In the spring of 2010, BioSyntech, a start-up biotechnology company, developing a cartilage-repair product, BST-Car Gel, filed a Notice of Intention to make a proposal under the Bankruptcy and Insolvency Act. In the subsequent bankruptcy proceedings, the intellectual property relating to the BST-Car Gel was sold.

Canada, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP