Chapter 15 Recognition of Third-Party Releases in Cross-Border Restructurings

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A recent chapter 15 decision by Judge Martin Glenn of the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) suggests that third-party releases susceptible to challenge or rejection in chapter 11 proceedings may be recognized and enforced under chapter 15. This decision provides companies with cross-border connections a path to achieve approval of non-consensual third-party guarantor releases in the U.S.
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Supreme Court Grants Certiorari in Trademark License Case

The Supreme Court recently granted certiorari in the case of Mission Product Holdings, Inc. v. Tempnology, LLC (In re Tempnology, LLC), a First Circuit case that deepened the circuit split on whether trademark licensees are protected from a bankrupt debtor’s rejection of the underlying license.