Bankruptcy Judge Drain Announces Retirement 2022 – Bankruptcy / Bankruptcy / Restructuring

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United States: Bankruptcy judge Drain announces retirement for 2022

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In a somewhat unexpected development given his recent appointment to a second 14-year term just 5 years ago, bankruptcy judge Robert D. Drain of the US Bankruptcy Court for the Southern Borough of New York announced that he intends to retire on June 30, 2022, non-debtor of the Sackler family, over objections from the U.S. trustee and numerous other stakeholders. Other major cases that Judge Drain chairs include Momentive, Sears, Frontier Airlines, Windstream, and Frontier Communications. Judge Drain was known, among other things, for his willingness to confirm pre-prepared reorganization plans under Chapter 11, sometimes within days or even hours of filing the proceedings, provided the debtor could demonstrate that the speed of the proceedings would not harm the creditors. It will be up to the US District Court of Appeals to select a new bankruptcy judge to fill the position vacated by Judge Drain’s departure.

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