ARTICLE
19 March 2025

Restructuring Across Borders: Impact Of Purdue - Third Party Releases Around The World (Podcast)

AO
A&O Shearman

Contributor

A&O Shearman was formed in 2024 via the merger of two historic firms, Allen & Overy and Shearman & Sterling. With nearly 4,000 lawyers globally, we are equally fluent in English law, U.S. law and the laws of the world’s most dynamic markets. This combination creates a new kind of law firm, one built to achieve unparalleled outcomes for our clients on their most complex, multijurisdictional matters – everywhere in the world. A firm that advises at the forefront of the forces changing the current of global business and that is unrivalled in its global strength. Our clients benefit from the collective experience of teams who work with many of the world’s most influential companies and institutions, and have a history of precedent-setting innovations. Together our lawyers advise more than a third of NYSE-listed businesses, a fifth of the NASDAQ and a notable proportion of the London Stock Exchange, the Euronext, Euronext Paris and the Tokyo and Hong Kong Stock Exchanges.
In the latest edition of the Restructuring Across Borders podcast series, A&O Shearman attorneys from the U.S., U.K., Netherlands and Hong Kong...
Worldwide Insolvency/Bankruptcy/Re-Structuring

The A&O Shearman Restructuring Across Borders Toolkit has been developed by our market-leading restructuring group (where applicable, in conjunction with our partner law firms) offering a free and easy-to-use resource that provides information and guidance on key practical aspects of restructuring and insolvency proceedings in more than 50 jurisdictions around the world.

In the latest edition of the Restructuring Across Borders podcast series, A&O Shearman attorneys from the U.S., U.K., Netherlands and Hong Kong examine the state of third party releases in restructurings in those jurisdictions. This has been a hot topic in the U.S. and globally following the U.S. Supreme Court's decision in 'Harrington v. Purdue Pharma L.P.' (see our update on this topic here), which barred the use of non-consensual third party releases in Chapter 11 bankruptcy proceedings. We consider the Supreme Court's decision and its impact on future Chapter 11 plans, how other jurisdictions approach third party releases, and the broader implications on cross-border restructurings and the recognition of foreign proceedings incorporating third party releases in the U.S. via Chapter 15.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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