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Article

Cadwalader Wickersham & Taft LLP | USA | 31 Jul 2008

Contract party’s full performance does not prevent rejection of contract

In COR Route 5 Co. v. Penn Traffic Co.1 (In re Penn Traffic Co), the United States Court of Appeals for the Second Circuit held that a non-debtor party to an executory contract may not, by fulfilling its contractual obligations post-petition, deprive the debtor of its ability to reject an executory contract.

Article

Cadwalader Wickersham & Taft LLP | USA | 21 Sep 2007

Pre-plan settlements that violate the absolute priority rule may face obstacles

In Motorola, Inc. v. Official Committee of Unsecured Creditors (In re Iridium Operating LLC), 478 F.3d 452 (2d Cir. 2007), the Official Committee of Unsecured Creditors (the “Committee”) and the debtors’ lenders sought approval of a settlement prior to confirmation of a plan of reorganization.

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