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Commercial Bankruptcy Non-Debtors Third-Party

Cranfill Sumner LLP

Supreme Court Sends Earthquake Through Bankruptcy Cases, Past, Present, and Future

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The legal wrangling over Purdue Pharma, L.P.’s bankruptcy plan has been splashed over the news. In Purdue Pharma’s case, the reorganization plan called for Purdue Pharma to become a non-profit organization, while the Sackler...more

Faegre Drinker Biddle & Reath LLP

Post-Purdue Pharma, Two Bankruptcy Courts Chime In on Preliminary Injunctive Relief for Nondebtors

For decades, bankruptcy courts have extended the automatic stay through preliminary injunctions halting litigation against a debtor’s nondebtor codefendants. Such relief was relatively routine when the codefendants were the...more

Hogan Lovells

Optimizing Your Future (Part II): An Update After the Supreme Court’s Landmark Decision in Purdue

Hogan Lovells on

The Supreme Court’s landmark decision in Harrington v. Purdue Pharma L.P. – holding that the Bankruptcy Code does not authorize the release of third-party claims against non-debtors in a reorganization plan without the...more

Blake, Cassels & Graydon LLP

Impact transfrontalier de la décision de la Cour suprême des États-Unis dans l’affaire Harrington v. Purdue Pharma L.P.

Le 27 juin 2024, la Cour suprême des États-Unis a publié une décision très attendue qu’elle a rendue dans l’affaire William K. Harrington, United States Trustee, Region 2, Petitioner v. Purdue Pharma L.P. et al. (l’« affaire...more

Blake, Cassels & Graydon LLP

Cross-Border Implications of the U.S. Supreme Court’s Decision in Harrington v. Purdue Pharma L.P.

On June 27, 2024, the Supreme Court of the United States released its highly anticipated decision in William K. Harrington, United States Trustee, Region 2, Petitioner v. Purdue Pharma L.P. et al. (Purdue). At issue was...more

Ballard Spahr LLP

Supreme Court: No Nonconsensual Nondebtor Releases in Bankruptcy

Ballard Spahr LLP on

In Harrington v. Purdue Pharma L.P. et al., the U.S. Supreme Court held that nonconsensual releases of third-party claims against nondebtors are not authorized under the Bankruptcy Code, resolving a longstanding circuit...more

Faegre Drinker Biddle & Reath LLP

Supreme Court Denies Nonconsensual Third-Party Releases in Purdue

On June 27, 2024, in one of its most high-profile bankruptcy decisions, the U.S. Supreme Court decided Harrington v. Purdue Pharma L.P., et al., No. 23-124, holding that the U.S. Bankruptcy Code does not authorize releases...more

Paul Hastings LLP

The Purdue Decision on Third Party Releases and Its Practical Implications

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In a landmark decision that will significantly impact future reorganization plans, the Supreme Court categorically held in Harrington v. Purdue Pharma L.P., that bankruptcy courts lack the authority to approve nonconsensual...more

Lowenstein Sandler LLP

Purdue Pharma: Supreme Court Prohibits Non-Consensual Third-Party Releases; Ruling Will Reshape Bankruptcy Practice

In a landmark 5-4 decision in Harrington v. Purdue Pharma that will significantly reshape corporate bankruptcy practice, the U.S. Supreme Court resolved a circuit split regarding the authority of a bankruptcy court to approve...more

Dechert LLP

Millennium Lab Part II: Delaware Bankruptcy Court Dispels Shadow Over Non-Consensual Third-Party Releases (For Now)

Dechert LLP on

In trotting a path out of Chapter 11, debtors in most cases will need to engage various key stakeholders, some of whom are not entitled to a distribution in the bankruptcy. As a form of remuneration, non-debtors may insist on...more

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