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Showing 1 post in Releases.

Insider’s Scoop: An Rare Examination of Challenge Period and Release Provisions in a Final DIP Order

In re Outer Harbor Terminal, LLC, 16-10283 (LSS) (Bench Ruling, May 5, 2017)

In issuing this Bench Ruling, the Honorable Laurie Selber Silverstein of the Delaware Bankruptcy Court had the unusual opportunity to analyze and parse challenge period and lender release provisions contained in a final DIP order.  Examining the plain language of the provisions in light of the entire context of the DIP documents before it, the Court concluded that a creditors committee’s investigation period expired long before it was formed by the United States Trustee.  Her Honor also held that the general releases granted to the DIP lenders in all their capacities did not extend to claims the debtor may have against affiliates of the DIP lenders that were separate and apart from the DIP lender’s relationship with the debtor despite the fact that those affiliates were included as released parties. Read More ›