As you know, the last two years have seen a somewhat improved, but by no means robust, business climate. At the same time, structural shifts in the law firm business model have been both highly publicized and memorably demonstrated.

The intricacies of pursuing environmental claims against financially distressed parties

In a prolonged financial downturn, it is an even more difficult burden for many companies to shoulder their own environmental remediation requirements.Pollock’s article examines the steps to consider if a co-liable potentially responsible party (PRP) is either showing signs of economic distress or has already filed in bankruptcy.  

A settlement has been announced in the Tronox Securities Litigation,^[1] making it one of the first cases where the failure to publicly disclose environmental liabilities has resulted in a substantial settlement.

A federal court in West Virginia has ruled that the U.S. government may proceed with a Clean Air Act (CAA) and Resource Conservation and Recovery Act (RCRA) enforcement action, even though defendant and its subsidiaries have filed for bankruptcy. United States v. RG Steel Wheeling, LLC, No. 12-19 (N.D. W. Va. 7/9/12).

Last month, District Court Judge Shira A. Scheindlin of the Southern District of New York affirmed a bankruptcy court ruling which held that the environmental cleanup obligations of debtor Mark IV Industries, Inc. were not discharged in bankruptcy.2 Given the current legal landscape, Mark IV may make the likelihood of discharging environmental claims even more difficult, potentially undermining chapter 11 as an optimal alternative for companies saddled with environmental liabilities.

The Law on Enterprise and Law on Investment that took effect in 2015 introduced refreshing changes to Vietnam’s investment and business landscape. Designed to stimulate and better facilitate foreign investments in the country, the two new laws have since given rise to several implementing regulations that expound on important subjects such as foreign ownership up to 100% in listed companies, private public partnerships, trade, and representative offices.

Recent Developments in Bankruptcy Law, April 2016 (Covering cases reported through 545 B.R. 785 and 810 F.3d 860) RICHARD LEVIN Partner +1 (212) 891-1601 [email protected] © Copyright 2016 Jenner & Block LLP. 353 North Clark Street Chicago, IL 60654-3456. Jenner & Block is an Illinois Limited Liability Partnership including professional corporations. Attorney Advertising. Prior results do not guarantee a similar outcome.

In a dispute that once generated the “largest environmental bankruptcy award ever,” the United States District Court for the Southern District of New York this month issued a decision further clarifying the effects of the monumental 2014 bankruptcy settlement agreement.  The February 1, 2016 decision in In re Tronox Incorporated, No.

Prepackaged Bankruptcy Offers Investors a Quick Return to Liquidity Chapter 11 bankruptcy cases are typically lengthy and expensive, potentially lasting years and costing millions of dollars in fees and expenses. One valuable technique to minimize a debtor’s time in Chapter 11, reduce cost and disruption, and still secure the benefits of a Chapter 11 plan is a prepackaged bankruptcy (also called a “prepack”). In a prepack, a debtor negotiates the terms of a chapter 11 plan and solicits votes prior to the bankruptcy filing.

W.R. Grace agreed to pay $250 million to the federal government for costs related to the investigation and remediation of asbestos contamination in Libby, Montana. W.R. Grace, a global supplier of specialty chemicals, owned and operated a vermiculite mine and vermiculite processing facilities in Libby from 1963 to 1990. The company and 61 affiliated companies filed for bankruptcy in April 2001. The settlement resolves a bankruptcy claim filed by the federal government to recover funds necessary to cleanup contaminated schools, homes, and businesses in Libby.