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Barings L.L.C., et al. v. AG Centre Street Partnership, et al.
Paid petition · United States Court of Appeals for the Fifth Circuit, No. 23-20181, 23-20450, 23-20363, 23-20451 · judgment December 31, 2024
Before the decision, well below the 4.1% base rate, with no standout signals pointing toward a grant.
Question presented
In Harrington v. Purdue Pharma L.P., 603 U.S. 204 (2024), this Court held certain provisions in a confirmed Chapter 11 bankruptcy plan unlawful and then vacated the order confirming the plan and remanded for further proceedings in which creditors would be afforded a fresh opportunity to vote on the new plan conforming to this Court’s ruling. Because the order confirming the Purdue Pharma plan had been stayed pending appeal, the plan had not been consummated, and this Court accordingly did not address the question whether, when an appellate court invalidates material provisions of a fully consummated bankruptcy plan, creditors must be afforded an opportunity to renegotiate and vote on a conforming bankruptcy plan. See id. at 226. The question presented here is the question left unanswered by Purdue Pharma—an issue of critical importance to participants in Chapter 11 bankruptcies and on which the circuits are divided: Whether an appellate court can materially alter a consummated plan of reorganization without permitting a new vote of creditors or whether a material alteration by an appellate court requires a vacatur of the order confirming the plan and a new creditor vote.
Counsel of record
For petitioner
Gregg Jeffrey Costa
Gibson, Dunn & Crutcher
For respondent
George Eric Brunstad Jr.
Dechert LLP
Proceedings
- Nov 10 2025Petition DENIED. Justice Alito took no part in the consideration or decision of this petition.
- Oct 22 2025DISTRIBUTED for Conference of 11/7/2025.
- Oct 21 2025Reply of petitioners Barings LLC, et al. filed. (Distributed)
- Oct 08 2025Brief of respondents Serta Simmons Bedding, LLC, et al. in opposition filed.
- Oct 08 2025Brief of Citadel Equity Fund, Ltd., et al. in opposition not accepted for filing. (To be corrected - October 10, 2025)
- Oct 08 2025Brief of respondents Citadel Equity Fund, Ltd., et al. in opposition filed.
- Oct 08 2025Letter from respondents LCM XXII Ltd., et al. received.
- Aug 28 2025The motions to extend the time to file a response are granted and the time is extended to and including October 8, 2025, for all respondents.
- Aug 27 2025Motion of AG Centre Street Partnership, et al. to extend the time to file a response from September 8, 2025 to October 8, 2025, submitted to The Clerk.
- Aug 27 2025Motion of Citadel Equity Fund, Limited to extend the time to file a response from September 8, 2025 to October 8, 2025, submitted to The Clerk.
- Aug 27 2025Motion of LCM XXII Ltd., et al. to extend the time to file a response from September 8, 2025 to October 8, 2025, submitted to The Clerk.
- Aug 27 2025Motion of Serta Simmons Bedding, LLC, et al. to extend the time to file a response from September 8, 2025 to October 8, 2025, submitted to The Clerk.
- Aug 08 2025Response Requested. (Due September 8, 2025)
- Aug 06 2025DISTRIBUTED for Conference of 9/29/2025.
- Jul 06 2025Waiver of right of respondent Citadel Equity Fund, Limited to respond filed.
- Jul 01 2025Waiver of right of respondents AG Centre Street Partnership, et al. to respond filed.
- Jun 18 2025Petition for a writ of certiorari filed. (Response due July 30, 2025)
- May 01 2025Application (24A1046) granted by Justice Alito extending the time to file until June 18, 2025.
- Apr 25 2025Application (24A1046) to extend the time to file a petition for a writ of certiorari from May 19, 2025 to July 18, 2025, submitted to Justice Alito.