3rd-Party Releases Face Reckoning After Recent Decisions
By Vince Sullivan (January 21, 2022, 5:57 PM EST) -- For the second time in two months, a federal district court judge has attacked nonconsensual third-party releases in a large debtor's Chapter 11 plan, again bringing issues concerning this restructuring tool to the forefront in a landscape that is becoming increasingly hostile to the releases.
U.S. District Court Judge David J. Novak in the Eastern District of Virginia on Jan. 13 remanded the Chapter 11 case of Ascena Retail Group Inc., the former owner of Ann Taylor and other fashion brands. The decision was the latest to question the propriety of releasing third-party claims against nondebtors in a move that bankruptcy...
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