In In re Purdue Pharma, L.P., 1 U.S. District Court Judge Colleen McMahon of the Southern District of New York vacated Purdue Pharma’s confirmed plan of reorganization after finding that the bankruptcy court below did not have statutory authority to issue a confirmation order granting non-consensual third-party releases—namely for the benefit of the Sackler family, which owns Purdue.

A bankruptcy court gave "unnecessary and likely incorrect" reasoning to support its "excessively broad proposition that sales free and clear under [Bankruptcy Code ("Code")] Section 363 override, and essentially render nugatory, the critical lessee protections against a debtor-lessor under [Code] 365(h)," said the U.S. Court of Appeals for the Fifth Circuit on Feb. 16, 2022. In re Royal Bistro, LLC, 2022 WL 499938, *1-*2 (5th Cir. Feb. 16, 2022).

“Good-faith purchasers enjoy strong protection under [Bankruptcy Code (“Code”)] § 363(m),” but the silent asset buyer (“B”) with “actual and constructive knowledge of a competing interest” lacks “good faith,” held the U.S. Court of Appeals for the Seventh Circuit on April 4, 2022. Archer-Daniels-Midland Co. (“ADM”) v. Country Visions Cooperative, 2022 WL 998984 (7th Cir. Apr. 4, 2022).

Simon Hurry and James Tee, Collas Crill

This is an extract from the 2022 edition of GRR's Europe, Middle East and Africa Restructuring Review. The whole publication is available here.

In summary

Patrick Gearon and Roger Elford, Charles Russell Speechlys

This is an extract from the 2022 edition of GRR's Europe, Middle East and Africa Restructuring Review. The whole publication is available here.

In summary

Luc Defferrard and Tervel Stoyanov, Walder Wyss Ltd

This is an extract from the 2022 edition of GRR's Europe, Middle East and Africa Restructuring Review. The whole publication is available here.

In summary

Maria João Ricou and Manuel Requicha Ferreira, Cuatrecasas

This is an extract from the 2022 edition of GRR's Europe, Middle East and Africa Restructuring Review. The whole publication is available here.

In summary

Matthew Czyzyk, Natalie Blanc and Natalie Raine, Ropes & Gray

This is an extract from the 2022 edition of GRR's Europe, Middle East and Africa Restructuring Review. The whole publication is available here.

In summary

Alexandros Kontogeorgiou and Georgia Papathanasiou, Kontogeorgiou Bakopanou & Associates Law Firm

This is an extract from the 2022 edition of GRR's Europe, Middle East and Africa Restructuring Review. The whole publication is available here.

In summary

A bankruptcy court gave “unnecessary and unlikely incorrect” reasoning to support its “excessively broad proposition that sales free and clear under [Bankruptcy Code (“Code”)] Section 363 override, and essentially render nugatory, the critical lessee protections against a debtor-lessor under [Code] 365(h),” said the U.S. Court of Appeals for the Fifth Circuit on Feb. 16, 2022. In re Royal Bistro, LLC, 2022 WL 499938, *1-*2 (5th Cir. Feb. 16, 2022).