Purdue Pharma Bankruptcy Case: Supreme Court to Decide on Nondebtor Releases, Shaping Future of Chapter 11 Practice
Indianapolis, Indiana: The US Supreme Court is set to hear arguments in December in a case involving Purdue Pharma, the pharmaceutical company accused of contributing to the opioid epidemic. The central issue at stake is whether the Bankruptcy Code permits a Chapter 11 plan to provide releases to nondebtor third parties without their consent. This case has garnered significant attention from the public and bankruptcy professionals alike, as it has the potential to bring about significant changes in Chapter 11 bankruptcy practice. Purdue Pharma and its affiliates filed for Chapter 11 bankruptcy in the Bankruptcy … Read more