When a company saddled with potential environmental liabilities seeks bankruptcy protection, the goals of Chapter 11—giving the reorganized debtor a ‘‘fresh start’’ and fairly treating similarly situated creditors—can conflict with the goals of environmental laws, such as ensuring that the ‘‘polluter pays.’’ Courts have struggled to reconcile this tension. Recent bankruptcy cases from the Southern District of New York, including last year’s decision in In re Mark IV Industries, and the more recent bench decisions in In re Lyondell Chemical Co. and In re Chemtura Corp., evidence this ongoing balancing act.
In this 90-minute Webinar, Larren Nashelsky, Kristin Hiensch, and Miles Imwalle of Morrison & Foerster LLP will bring their expertise in bankruptcy and environmental law to discuss recent legal developments and strategies for navigating this complex area of the law. This webinar is designed to help you:
- Identify whether an environmental obligation is a “claim” under the Bankruptcy Code
- Become familiar with recent legal developments relating to the dischargeability of environmental claims
- Analyze whether claims for contribution toward environmental remediation are allowable claims in bankruptcy
- Learn about strategies that companies in distress may employ to maximize the likelihood that environmental claims will be dischargeable in bankruptcy proceedings
- Understand potential advantages of pursuing the sale of assets under Section 363 of the Bankruptcy Code when significant environmental liability is involved
- Develop approaches to negotiating environmental claims with governmental agencies
CLE credits will be available for this EHS Webinar.