United States: Bankruptcy judge Drain announces retirement for 2022
To print this article, all you need to do is register or log in to Mondaq.com.
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.
Visit us at mayerbrown.com
Mayer Brown is a global legal services provider that includes law firms that are separate entities (the “Mayer Brown Practices”). The Mayer Brown Practices are: Mayer Brown LLP and Mayer Brown Europe – Brussels LLP, both Limited Liability Partnerships based in Illinois, USA; Mayer Brown International LLP, a Limited Liability Partnership incorporated in England and Wales (authorized and regulated by the Solicitors Regulation Authority and registered in England and Wales under number OC 303359); Mayer Brown, a SELAS founded in France; Mayer Brown JSM, a Hong Kong partnership and its affiliates in Asia; and Tauil & Checker Advogados, a Brazilian law firm affiliated with Mayer Brown. “Mayer Brown” and the Mayer Brown logo are trademarks of Mayer Brown Practices in their respective jurisdictions.
© Copyright 2020. The Mayer Brown Practices. All rights reserved.
This article by Mayer Brown provides information and commentary on legal issues and developments of interest. The foregoing does not constitute a comprehensive treatment of the subject under discussion and is not intended as legal advice. Readers should seek specific legal advice before taking any action in relation to the matters discussed here.
POPULAR ARTICLES ON: Bankruptcy / Bankruptcy / Restructuring Out of the United States