Chapter 15 Loophole? Implications of the Ruling in Purdue Pharma on Recognition of Foreign Nonconsensual Third Party Releases
Cooley associates Olya Antle and Miriam Peguero Medrano co-authored a new technical paper for INSOL International titled “Chapter 15 Loophole? Implications of the Ruling in Purdue Pharma on Recognition of Foreign Non-Consensual Third-Party Releases.” The INSOL technical paper addresses the cross-border implications of the Supreme Court’s recent Harington v. Purdue Pharma L.P. decision on the recognition of foreign orders approving non-consensual third-party releases in Chapter 15 bankruptcy cases and argues that, despite the Supreme Court’s holding that non-consensual third-party releases are not permissible in Chapter 11 cases, they may nevertheless remain permissible in Chapter 15 cases pursuant to separate statutory authority provided under Chapter 15 of the Bankruptcy Code.
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