In re Jevic Holding Corp: Third Circuit Allows Structured Dismissal of Chapter 11 Case that Violates the Bankruptcy Code's Priority Scheme | Practical Law
In Jevic Holding Corp. v. CIT Group/Business Credit Inc. (In re Jevic Holding Corp.), the US Court of Appeals for the Third Circuit held, as a matter of first impression, that under certain circumstances, a Chapter 11 case may be resolved in a "structured dismissal" that deviates from the priority scheme of section 507 of the Bankruptcy Code.