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3rd-Party Releases Bring Chapter 11 Venue Considerations

By Samuel Schwartz and Kristina Perez (November 13, 2018, 4:31 PM EST) -- A Chapter 11 bankruptcy is typically finalized by the confirmation of a plan of reorganization. Through the plan, debtors provide various forms of repayment to creditors, and upon confirmation of the plan, the debtor generally receives a discharge from its prepetition debt. The discharge, according to Section 524(e) of the Bankruptcy Code, is intended to protect the interests solely of the debtor and "does not affect the liability of any other entity on, or the property of any other entity for, such [preconfirmed] debt."[1] Accordingly, the liability of any nondebtor party, such as co-debtors, guarantors, insurance carriers, lenders and directors, will...

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