Case Study Fossil

This episode features a conversation with Andrew Kissner and Kat Burke. Andrew is of counsel at Morrison Foerster, as well as a III NextGen member. He has represented debtors, ad hoc groups, official committees, and individual investors in large chapter 11 and chapter 15 filings. Kat recently set up her own law firm, Burke Legal. A III member, she is a Dublin-based cross-border restructuring and insolvency specialist qualified to provide strategic business rescue and enforcement advice across Ireland, England and Wales, the United States and the BVI, and currently serves as Chair of the CERIL delegation to UNCITRAL Working Group V.

This episode unpacks the Fossil restructuring plan and its significance for cross‑border insolvency practice. The conversation explores how the plan offers an alternative pathway for resolving collective action problems, especially in light of U.S. constraints such as the absolute priority rule and the post‑Purdue uncertainty surrounding third‑party releases that has driven companies like Fossil to consider English restructuring plans. The speakers discuss the English courts’ approach to the “sufficient connection” test and examine renewed U.S. debate over introducing a new Chapter 16 procedure—a proposal aimed at creating a streamlined mechanism for bond restructurings, addressing limitations of the Trust Indenture Act, and potentially offering companies a more efficient alternative to Chapter 11 in cases like Fossil’s. The episode concludes with insights into how U.S. courts interpret the public‑policy exception when reviewing foreign restructuring outcomes, adding further nuance to the strategic forum choices companies now face. The podcast is introduced by NextGen’s co-chair, Olya Antle of Cooley, and moderated by Dr. Eugenio Vaccari of Royal Holloway, University of London. It was recorded in mid February 2026, with information accurate at the time of recording.