In its March 2017 decision in Czyzewski v. Jevic Holding Corp., the Supreme Court of the United States (the "Supreme Court") held that case-ending structured dismissals which circumvent the absolute priority rule and do not have a significant Bankruptcy Code related justification are impermissible. Because creditors' committees rely heavily on structured dismissals and related gifting provisions to obtain a recovery for holders of general unsecured claims ("GUCs") where a recovery would not otherwise be possible, practitioners and commentators have expressed concern over the long term implications of the Jevic decision.Click here to view the full article
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