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Releases, a/k/a Exculpations, of Insiders Barred Under a Chapter 11 Plan

Bankruptcy Judges Wiles in New York decided that insiders were not entitled to releases under Section 503(c), but not for the reasons contained in Purdue.

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Opinion Link

Case Details

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richard.epling…

I have understood an exculpation to hold harmless those persons who have negotiated a plan or otherwise engaged with the debtor in the resolution of the case. Nothing in Purdue suggests that process should not continue. The parties who engage in negotiating a plan and their professionals should still be entitled to be exculpated from actions taken in the case upon plan confirmation.

Thu, 2024-07-25 10:11 Permalink