Global Restructuring Outlook: How Purdue and the Supreme Court are reshaping Chapter 11

In this opening episode of A&O Shearman’s Global Restructuring Outlook 2025 podcast series, hosts Luckey McDowell, U.S. Head of Restructuring, and Fredric Sosnick, Global Co-Head of Restructuring and Executive Committee member, unpack the implications of the U.S. Supreme Court’s ruling in Harrington v. Purdue Pharma L.P.  

This landmark decision has outlawed non-consensual third-party releases in Chapter 11 bankruptcy proceedings—upending decades of precedent and reshaping the landscape for mass tort and complex restructurings in the United States. 

Drawing on their deep experience advising clients in high-stakes insolvency and restructuring matters, McDowell and Sosnick explore how the Purdue ruling will affect future bankruptcy strategies, creditor recoveries, and the ability of courts to facilitate global settlements.  

What does it mean for companies facing mass tort liabilities? Will this ruling lead to more fragmented litigation and fewer comprehensive resolutions? And how might this shift influence cross-border restructurings and recognition of foreign proceedings under Chapter 15? 

This episode is essential listening for legal professionals, financial advisors, and anyone navigating the evolving terrain of U.S. bankruptcy law. Tune in to hear how this decision could redefine the boundaries of corporate liability and creditor rights—and what it signals for the future of restructuring in America and beyond. 

Global Restructuring Outlook 2025 explores the key legal, financial, and geopolitical developments shaping the restructuring landscape worldwide. Featuring expert insights from across jurisdictions—including the U.S., UK, EU, China, and the UAE—the series examines landmark rulings, evolving insolvency regimes, and the growing influence of private credit. Designed for business leaders and restructuring professionals, each episode offers strategic perspectives on navigating distressed situations and unlocking value in complex, cross-border environments.