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Snell & Wilmer

SCOTUS Decides Against Sacklers’ Release in Purdue Pharma

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On June 27, 2024, the U.S. Supreme Court issued its much-anticipated decision in Harrington v. Purdue Pharma L.P. The issue before the Court was whether the Bankruptcy Code permits nondebtors to obtain a release of...more

Patterson Belknap Webb & Tyler LLP

A Stern Rebuke: Bankruptcy Courts have Constitutional Authority to Confirm Plans Containing Nonconsensual Third-Party Releases

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On December 19, the Court of Appeals for the Third Circuit became the first federal circuit court of appeals to hold that a bankruptcy court may confirm a plan containing nonconsensual third-party releases without exceeding...more

Cadwalader, Wickersham & Taft LLP

The Same, Only Better: Eighth Circuit Affirms Peabody Chapter 11 Plan Backstopped Rights Offering Despite Alleged Disparate...

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On August 9, 2019, in a unanimous decision (written by a former bankruptcy judge), the Eighth Circuit Court of Appeals affirmed the confirmation of the Peabody Energy Chapter 11 plan (“Plan”) with a prominent backstopped...more

Snell & Wilmer

Is a Bankruptcy Plan that Violates Federal Criminal Law Proposed in Bad Faith?

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Although legal in many states, marijuana remains illegal under federal criminal law. See 21 U.S.C. § 856(a)(1). One would think that engaging in illegal activity under federal criminal law would preclude relief under federal...more

Dechert LLP

Global Private Equity Newsletter - Winter 2019 Edition: Recent Developments in Acquisition Finance: Ninth Circuit Rejects Broad...

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Those seeking to purchase assets or a business out of a Chapter 11 case employing a “loan to own” strategy may well have received a boost from a recent decision of the U.S. Court of Appeals for the Ninth Circuit....more

Dechert LLP

Raising the Bar for Bad Faith, the Ninth Circuit Reverses Votes Designation

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The Ninth Circuit reversed and remanded an Oregon bankruptcy court’s order designating recently acquired claims of a secured creditor for bad faith, holding that a bad faith finding requires “something more.” Specifically,...more

Patterson Belknap Webb & Tyler LLP

One and Done. Cramdown Requirement for an Impaired Assenting Class Applies on a Per-Plan, Not a Per-Debtor, Basis.

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Confirmation of a Chapter 11 plan of reorganization generally requires the consent of each impaired class of creditors. But, upon satisfaction of additional statutory requirements, a plan proponent can obtain confirmation of...more

Skadden, Arps, Slate, Meagher & Flom LLP

Equitable Mootness Doctrine Persists in Bankruptcy Appeals

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In recent years, courts have become increasingly critical of the doctrine of equitable mootness, a judicially created abstention doctrine that allows appellate courts to dismiss appeals from a bankruptcy court’s confirmation...more

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