To Release or Not to Release? Courts Remain Split on Release Provisions
By George R. Howard, Partner; Katherine D. Grissel, Senior Associate & Kristie T. Duchesne, Associate, Vinson & Elkins LLP
Release provisions are a common feature of almost every Chapter 11 plan in large bankruptcy cases. Three categories of release provisions typically are included: (i) releases by the debtors of claims they may hold against a list of “released parties;” (ii) consensual releases by and among the...
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Katherine Drell Grissel is a senior associate with Vinson & Elkins. Her practice focuses on restructuring and reorganization, both in and out of court, including representing debtors-in-possession in cases under Chapters 11 and 9 of the Bankruptcy Code, creditors in cases under Chapters 7 and 11 of the Bankruptcy Code, and parties to adversary proceedings and contested matters in bankruptcy and appellate courts. Grissel frequently publishes in the area of bankruptcy law and joined Vinson & Elkins after completing a clerkship with the Hon. Eugene Davis on the 5th Circuit Court of Appeals.
Kristie Torkildsen Duchesne is an associate with Vinson & Elkins. Her primary area of practice includes all aspects of restructuring and reorganization work, including the representation of debtors, lenders, creditors, landlords, and trustees under Chapters 7 and 11 of the Bankruptcy Code, as well as in out-of-court restructurings. Duchesne holds a law degree from St. Mary’s University School of Law and joined Vinson & Elkins after completing a two-year clerkship with the Hon. Craig A. Gargotta, chief bankruptcy judge in the Western District of Texas.
George Howard is a partner with Vinson & Elkins LLP. His represents debtors, creditors (including syndicated bank groups and agents), equity holders, and distressed investors in all aspects of complex corporate restructurings. He also advises boards of directors and senior management of financially troubled companies regarding a range of complex commercial transactions and restructurings. In 2019, Howard was named an emerging leader by the American Bankruptcy Institute’s 40 Under 40 initiative and as an Outstanding Young Restructuring Lawyer by Turnarounds & Workouts.