Nonconsensual nondebtor releases have been a key reason businesses facing mass tort claims have filed for bankruptcy. They hope chapter 11 will result in a faster, less expensive.
Third-Party Releases are common in English law schemes of arrangement and restructuring plans, and US courts have so far indulged that approach in granting recognition. .
While legislation is pending in Congress that would require the dismissal of Chapter 11 bankruptcy cases in which the debtor has created a divisional merger, federal appeals court judges in Philadelphia heard arguments this week about whether Johnson & Johnson’s bankruptcy case was filed in good faith.
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