Week Ahead in Bankruptcy: Nov. 8, 2021


Nov 3 (Reuters) - Here is a look at some upcoming events of interest to the bankruptcy law community. Unless otherwise noted, all times are local, and court appearances are virtual due to the COVID-19 pandemic.

Monday, Nov. 8

9:30 a.m. – Puerto Rico’s financial oversight board will begin a long-awaited hearing on its proposed plan of debt adjustment, which aims to restructure more than $70 billion in debt. The judge overseeing the bankruptcy-like proceeding has set aside 10 days for the matter. The case is In re Commonwealth of Puerto Rico, U.S. District Court, District of Puerto Rico, No. 17-03283. For the oversight board: Martin Bienenstock of Proskauer Rose.

10 a.m. – Mallinckrodt Plc will urge the judge overseeing its bankruptcy to reject arguments from insurers that say their claims for reimbursement of the pharmaceutical company’s Acthar Gel product should have higher priority in its creditor payment plan. The dispute comes in the middle of Mallinckrodt’s multi-day hearing on approval of its proposed reorganization plan. The case is In re Mallinckrodt Plc, U.S. Bankruptcy Court, District of Delaware, No. 20-12522. For Mallinckrodt: George Davis of Latham & Watkins. For insurers Attestor Ltd and Humana Inc: Joseph Baio of Willkie Farr & Gallagher.

Tuesday, Nov. 9

10 a.m. – Purdue Pharma LP will urge the judge overseeing its bankruptcy to reject a request by the U.S. Department of Justice’s bankruptcy watchdog to pause the implementation of its reorganization plan and opioid litigation settlement to allow appeals of the order approving the plan to play out. Purdue has already prevailed in another court on this matter. The case is In re Purdue Pharma LP, U.S. District Court, Southern District of New York, No. 21-07966. For Purdue: Marshall Huebner of Davis Polk & Wardwell. For the U.S. Trustee: Linda Riffkin.

Wednesday, Nov. 10

9:30 a.m. – LTL Management LLC, the Johnson & Johnson subsidiary holding the pharmaceutical company’s talc liabilities, will appear in court in response to a judge’s order to explain why its Chapter 11 case shouldn’t be transferred out of North Carolina, where it is currently pending. A government bankruptcy watchdog entity has moved to shift the case to New Jersey, where most of J&J’s assets and employees are located. The case is LTL Management LLC, U.S. Bankruptcy Court, Western District of North Carolina, No. 21-30589. For LTL Management: Gregory Gordon of Jones Day.

Thursday, Nov. 11

Bankruptcy courts are closed for the federal holiday.

Friday, Nov. 12

1 p.m. – The American Bankruptcy Institute will hold a panel on student loans as part of its Consumer Practice Extravaganza. Interested viewers can register for the virtual conference here.

Know of an event that could be included in Week Ahead in Bankruptcy? Contact Maria Chutchian at maria.chutchian@thomsonreuters.com

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Maria Chutchian reports on corporate bankruptcies and restructurings. She can be reached at maria.chutchian@thomsonreuters.com.