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ARTICLE · 04 JUNE 2021

What We're Reading This Week [June 1, 2021]

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Reuters reports that eleven U.S. airlines collectively issued $12.84 billion in cash refunds to customers in 2020 for flights canceled during the pandemic...

United StatesInsolvency/Bankruptcy/Re-Structuring
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Reuters reports that eleven U.S. airlines collectively issued $12.84 billion in cash refunds to customers in 2020 for flights canceled during the pandemic. The cash refunds come on top of billions of dollars of travel credits that are now being used at a rapid pace. [Reuters; May 28, 2021]

The New York Times reports that the New York bankruptcy judge overseeing Purdue Pharma's Chapter 11 cases provisionally approved the OxyContin manufacturer's disclosure statement, subject to resolution of a handful of issues, setting up Purdue's restructuring proposal to be put to a vote of creditors. While major issues remain for the upcoming confirmation hearing, the most contentious being whether or not the Sackler family who owns Purdue should be released from all opioid-related lawsuits in exchange for its financial contributions to Purdue's plan, approval of the disclosure statement is a major milestone in the case. Once the information packets on Purdue's proposal are mailed

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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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