Davis Polk partner and head of International Restructuring Tim Graulich and associate Hailey Klabo authored “The last dance of the Texas Two-Step? Examining the rise and (potential) fall of the use of divisive mergers in United States bankruptcies” in INSOL World. In the article, they provide an overview of the background of the “Texas Two-Step,” how it has recently been utilized in connection with mass tort cases (with a focus on the bankruptcy of LTL), and the Texas Two-Step’s potential future (or lack thereof) as a legal tactic in addressing mass tort liabilities.

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This article first appeared in INSOL World Q2 2024.

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