Avoiding Independent Director Challenges In Ch. 11 Litigation
Law360 (July 13, 2021, 1:14 PM EDT) -- Recently, a materially revised Chapter 11 restructuring plan of reorganization was negotiated, in part, by a purportedly independent special committee of the board of Purdue Pharma LP.
In the Chapter 11 case of Purdue Pharma, filed in the U.S. Bankruptcy Court for the Southern District of New York Bankruptcy Court in September 2019, the Purdue debtors stated that the special committee was comprised of "four blue-chip restructuring and pharmaceutical professionals, none of whom had any prior connection to the Sackler Families."
However, the independence of that special committee was challenged by a parent — whose child allegedly died as a result...
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