In her Distress Mergers & Acquisitions column, Corinne Ball, a partner at Jones Day, writes that although a Texas bankruptcy court recently found non-debtor releases contrary to U.S. bankruptcy policy, there is little doubt that a combination of factors - using a bankruptcy proceeding in which only the holding company was a debtor, relying upon insider votes to establish creditor consent, preserving equity holders' value at the expense of senior creditors - contributed to the result.
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'Vitro' Decision Is a Badge of Vigilance
New York Law Journal
October 25, 2012
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