As the economy and real estate markets continue to struggle, companies are considering going into bankruptcy with contaminated properties on their books. Such companies cannot typically avoid environmental cleanup obligations through bankruptcy.
Potentially responsible parties often continue to have cleanup obligations even after emerging from bankruptcy. Entities considering buying an asset that has emerged from bankruptcy may be held responsible for cleanup obligations associated with potential acquisitions of pre-bankruptcy assets.
While there is uncertainty about the impact of bankruptcy on cleanup liabilities, it does not affect regulatory compliance. All parties involved must understand the complex interplay between the bankruptcy code and the environmental laws.
Join Day Pitney's Tricia Foley, an attorney practicing in the area of the business and regulatory aspects of environmental law, and bankruptcy and restructuring partner Joshua Cohen on Tuesday, April 13, from 1 p.m. to 2:30 p.m. EST. This panel of environmental and bankruptcy attorneys will host a webinar/teleconference that will examine how the courts have treated the issue of environmental cleanup of property in a bankruptcy proceeding. They will review the lessons learned from those decisions, discuss the process for evaluating environmental remediation liabilities in bankruptcy, and offer best practices for addressing those issues.
Click here for more information about this CLE.