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Articles

THIRD CIRCUIT RAISES THE BAR ON GRANTS OF SUBSTANTIVE CONSOLIDATION

The Journal Of Corporate Renewal

  • Published On: September 13, 2007

It still may be too early to gauge the ultimate legacy that the 3d U.S. Circuit Court of Appeal’s reversal of a trial court’s grant of substantive consolidation in the Owens Corning bankruptcy case will have on reorganizations, securitizations, and business transactions in general. However, in propounding a new standard, the 3d Circuit raised the evidentiary bar necessary to establish a prima facie showing that substantive consolidation is warranted.

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