Special Feature: Third-Party Releases After The Second Circuit Decision In Purdue Pharma

When a company enters Chapter 11 bankruptcy, many assume the process will culminate in a lengthy reorganization plan. However, distressed businesses are increasingly being sold through a different mechanism—a sale under Section 363 of the United States Bankruptcy Code. Understanding how Section 363 sales work can help business owners, lenders, investors, and prospective purchasers identify opportunities and avoid costly surprises in bankruptcy asset transactions.

The 2025 restructuring of the Ardagh Group S.A. (Ardagh or the company) capital structure unleashed one of the most controversial—and ultimately consequential—“Restructuring” credit event determination processes...

MPM Silicones, LLC filed for chapter 11 bankruptcy protection, and soon after filed a prearranged plan of reorganization and obtained commitments for two exit financing facilities.

Riveron's Q2 2026 Restructuring & Turnaround brief examines how companies across multiple industries are navigating elevated financial distress amid tighter credit conditions, rising debt maturities, and persistent operational pressures. The analysis explores sector-specific challenges from aerospace to retail, highlighting how management teams and lenders are addressing liquidity constraints and restructuring risks in an increasingly selective credit environment.

Cole Schotz attorney Michael Sirota received an urgent early-morning call to file nearly 200 bankruptcy cases within 24 hours after the Shabseles brothers' real estate empire and summer camp network unexpectedly collapsed. With 20,000 children about to board buses for summer camp, the legal team faced the challenge of restructuring a complex web of entities while ensuring the camps could open on schedule.

Section 363 sales have become a routine feature of commercial bankruptcy cases, often determining recovery for secured creditors before a reorganization plan is even filed. Understanding the mechanics of credit bidding, adequate protection rights, and bid procedure negotiations can mean the difference between maximizing recovery and watching collateral sold under unfavorable terms.

In asset-backed lending, the strength of the secured lender's position is only as reliable as the collateral securing it and the lender's ability to realize upon that collateral in the event of borrower distress.

In In re Nussbaum Lowinger LLP, the Bankruptcy Court for the Southern District of New York (the Court) dismissed Chapter 11 bankruptcy cases commenced by two law firms and did so in favor of their assignment for the benefit of creditors proceeding already pending in New York state court. This decision provides useful guidance for creditors, assignees, and debtors evaluating whether to move from a state law assignment for the benefit of creditors to a federal bankruptcy case.

A Delaware bankruptcy court ruling clarifies that trustees can pursue subsequent transferees in fraudulent transfer cases without naming the initial transferee as a defendant, though they must still prove and avoid the initial transfer. This decision provides critical guidance for vendors and creditors who may face clawback exposure even when the original wrongdoer isn't sued directly.

The Southern District of New York Bankruptcy Court's written decision in 1300 Desert Willow expands upon the Mako framework, clarifying when debtors can challenge an oversecured creditor's entitlement to post-petition default interest at contractual rates. The ruling narrows the application of the "fresh start" factor in single-asset real estate cases and addresses whether Section 506(b)'s reasonableness requirement applies to prepetition claim components, providing critical guidance for bankruptcy practiti

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The USPTO has released new templates and guidance for AIA trial proceedings, announced key appointments including a Chief AI Officer, and published updated procedures for patent applications and subject matter eligibility declarations. Director Squires delivered multiple addresses emphasizing the constitutional importance of intellectual property rights while the agency expanded its community engagement efforts and international collaboration through WIPO's Global IP Assignment Platform pilot program.

US national securities exchanges are preparing to launch 23x5 trading by December 6, 2026, marking the most significant expansion of trading hours in decades. This comprehensive analysis examines the regulatory approvals, operational infrastructure changes, investor protection mechanisms, and issuer considerations necessary to support overnight equity trading from Sunday through Thursday evenings.

The Securities and Exchange Commission has approved FINRA Rule 3290, which will replace existing rules governing outside business activities and private securities transactions for registered persons. This new rule narrows the scope to focus on investment-related activities while maintaining similar supervisory obligations for member firms. Understanding the key changes and implementation requirements will be critical for broker-dealers as they update their compliance policies and procedures.

As Congress prepares for its postelection lame-duck session, lawmakers face critical decisions on government funding, defense authorization, and potential debt-limit increases. The election outcome will determine whether Republicans push through major legislation before potentially surrendering control, or whether both parties defer negotiations into 2027. With permitting reform, tax extenders, and reconciliation packages on the table...

California's new SB 574 establishes the first statutory framework governing attorneys' and arbitrators' use of generative artificial intelligence, imposing verification requirements and disclosure obligations that take effect in January 2027. The law responds to recent court sanctions for AI hallucinations while leaving unresolved critical questions about privilege, work-product protection, and the boundaries between permissible assistance and impermissible delegation.

On September 29, 2026, the final phase of Section 232 pharmaceutical tariffs took effect, imposing an additional 100 percent ad valorem duty on many imported patented pharmaceuticals and ingredients. While these duties may substantially increase import costs, several customs and trade mechanisms may be available to reduce, eliminate, or defer the tariffs.

The SEC Division of Examinations has released its fiscal year 2027 examination priorities, signaling continued focus on investment adviser fiduciary obligations, broker-dealer financial responsibility, and Regulation Best Interest while adapting to evolving market practices. Private credit, artificial intelligence governance, and retail investor protection emerge as prominent areas of scrutiny, with examiners expected to probe valuation practices, conflicts of interest, and technology controls across regula

California's September 2026 legislative session produced sweeping changes to AI and privacy regulation, with Governor Newsom signing dozens of bills while vetoing others on feasibility grounds. As federal leadership signals preference for industry self-regulation, the state continues to expand protections for minors online, strengthen data broker requirements...

In August 2024, a Texas federal court struck down a broad Federal Trade Commission (FTC) rule that would have banned the vast majority of employee non-competition agreements.