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Patterson Belknap Bankruptcy Update Blog Author Joins Debtwire Radio to Discuss Third-Party Releases

Bankruptcy Courts are divided on the permissibility of third-party releases.  In some circuits, the proponent of a plan can win approval of third-party release provisions in “rare” or “exceptional” circumstances.  But, some commentators have started to question just how rare and exceptional these seemingly ubiquitous plan provisions have become.  Two recent decisions from Bankruptcy Courts located in jurisdictions that permit third-party releases have brought renewed focus to this often contentious aspect of the plan confirmation process.  One of Patterson Belknap’s restructuring attorneys, Brian Guiney, recently sat down with Debtwire Radio to discuss third-party releases generally and these two cases in particular.  Click here to listen. 

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A Stern Rebuke: Bankruptcy Courts have Constitutional Authority to Confirm Plans Containing Nonconsensual Third-Party Releases

On December 19, the Court of Appeals for the Third Circuit became the first federal circuit court of appeals to hold that a bankruptcy court may confirm a plan containing nonconsensual third-party releases without exceeding the constitutional limits on its jurisdiction articulated in Stern vs. Marshall.  The decision in In re Millennium Lab Holdings II, LLC is notable because it rejects a new line of attack on nonconsensual releases in a jurisdiction where they are regularly permitted.

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