Quantcast
Home / Opinion Digests / Plan’s Non-Debtor Release Not Enforceable (access required)

Plan’s Non-Debtor Release Not Enforceable (access required)

Debtor, a nonprofit public charity that administers donor-advised funds, may not include in its Chapter 11 bankruptcy reorganization plan a non-debtor release provision; the 4th Circuit says debtor has not met its burden of proof to justify such a release, and affirms the lower courts’ decisions. Debtor, National Heritage Foundation Inc., filed a voluntary Chapter 11 ...