United States: Financial Restructuring

Judge Glenn recently became the first U.S. bankruptcy judge to recognize a Luxembourg judicial reorganization by collective procedure (the Luxembourg Proceeding or JRP) as a “foreign main proceeding” under Chapter...

Life sciences companies with promising science and strong management can still face severe financial distress due to failed trials, regulatory delays, or collapsed financing.

A Delaware District Court has affirmed that Chapter 15 of the Bankruptcy Code permits U.S. recognition and enforcement of third-party releases approved in foreign insolvency proceedings, distinguishing this framework from the Supreme Court's Purdue decision that limited such releases in domestic Chapter 11 cases. The ruling in the Crédito Real case establishes that international comity principles and Chapter 15's distinct purpose of facilitating cross-border restructurings allow courts to honor foreign