About the Course
Introduction
This CLE webinar will discuss when third-party (non-debtor) releases in Chapter 11 plans of reorganization qualify as consensual and offer practical guidance for structuring releases that will be approved. The panel will analyze how courts are evaluating if releases are consensual, and what plan and notice structures are most likely to be found to be consensual. The panel will also comment on the availability of Chapter 15 to achieve non-consensual releases.
Description
The Supreme Court's decision in Harrington v. Purdue Pharma L.P., 603 U.S. 204 (2024), ended the availability of non-consensual third-party releases in Chapter 11 plans. However, the Court expressly did not "call into question consensual third-party releases" and did not "express a view on what qualifies as a consensual release." Since then, different courts have reached different conclusions about what constitutes consent and under what circumstances opt-out releases pass muster.
Plan proponents must expect increased scrutiny of and objections to proposed consensual third-party releases. Consent may not be only about what is in the plan but also about how the case has been conducted and how the participants have interacted. It may be important whether the court views the plan as a "contract."
The same release structure or mechanism is not necessarily going to be deemed consensual in every bankruptcy plan. Influential bankruptcy courts even within the same circuit or district are deciding the consent issue differently depending on many different factors. As a result, how a specific court analyzes third-party releases is an increasingly important consideration in where to file that may rival many other weighty issues.
Listen as our experienced and esteemed panel reviews the current status of third-party releases in influential courts and offers insight on what types of releases and opt-out procedures are likely to be approved and which are likely to be rejected.
Presented By
Mr. Uelk represents corporate debtors, investors and other key stakeholders in all aspects of complex restructuring transactions, bankruptcy and financial distress. He has substantial experience guiding domestic and international clients to obtain value-maximizing results in out-of-court and in-court restructurings, including numerous Chapter 11 cases across the country.
Mr. Winerman represents clients around the world in all aspects of complex corporate restructurings both in and out of court and across a wide range of industries, including health care, financial services, energy and media. He also advises on various insurance and reinsurance receivership and restructuring transactions. Additionally, Mr. Winerman advises creditors, lenders, equity sponsors, and other parties in interest on business reorganization, special situations and insolvency matters. He has distinguished himself in cross-border matters, serving as lead counsel in a number of chapter 15 cases, obtaining recognition and enforcement of proceedings in multiple jurisdictions around the globe. Mr. Winerman has advised clients on a number of cutting-edge cross-border matters.
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This 90-minute webinar is eligible in most states for 1.5 CLE credits.
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Date + Time
- event
Tuesday, June 30, 2026
- schedule
1:00 PM ET/10:00 AM PT
I. Why third-party releases are desired and by which parties
II. Defining consent: competing views
III. Structure and scope of permissible releases
IV. Consequences when releases are not consented to
V. Recent decisions
VI. Strategies for release for proponents and objectors
The panel will review these and other prominent issues:
- What are the evolving standards for consensual releases and gatekeeper provisions?
- Which courts have affirmed opt-out procedures?
- Must third-party releases have meaningful consideration?
Related Courses
Chapter 11 and Third-Party Releases That Qualify as Consensual: Navigating Disparate and Evolving Judicial Standards
Tuesday, June 30, 2026
1:00 PM ET/10:00 AM PT
Post-Petition Bankruptcy Financing
Available On-Demand
