High Court Narrows Use Of Structured Dismissals In Ch. 11

Law360, New York (March 22, 2017, 10:36 AM EDT) -- The U.S. Supreme Court ruled Wednesday that the use of so-called structured dismissals to end Chapter 11 cases must be narrowed, holding that a settlement that effectively wiped out employee claims against a trucking company but paid more junior creditors impermissibly sidestepped the U.S. Bankruptcy Code's creditor priority.

The U.S. Supreme Court on Wednesday overturned a Third Circuit ruling that upheld a 2012 settlement between Jevic Holding Corp. and creditors that didn't pay out employee claims. (Law360) In a 6-2 decision written by Justice Stephen Breyer, the nation's high court said the Third Circuit and other lower courts erred when upholding a...

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