bankruptcy strategy

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When and How the Texas Two-Step in Bankruptcy is Used

What is the Texas Two-Step strategy in bankruptcy, and when is it utilized?

Bankruptcy Law, Business/Corporate, Civil Litigation, Corporate Law, Financial Restructuring, Legal Commentary, Legal Procedures, Liability Law, Mergers and Acquisitions, Risk Management / Jack Gilbert

The Texas Two-Step is a 2-step restructuring where a company uses a Texas divisional merger to split assets and tort liabilities, then puts the liability entity into Chapter 11. It’s typically used by corporations facing large mass-tort exposure (e.g., product, asbestos, talc) to centralize claims and seek a global settlement while keeping operations running. This […]

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