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In re Fairchild Aircraft Corp.
United States Bankruptcy Court for the Western District of Texas
184 B.R. 910 (1995)
Fairchild Aircraft Corporation (FAC) (debtor) made commuter airplanes. FAC filed for reorganization under chapter 11 of the bankruptcy code. The bankruptcy trustee entered into an asset-purchase agreement with Fairchild Acquisition, Inc. (FAI) to buy FAC. The agreement included a provision releasing FAI from liability for future claims based on any defects in FAC planes sold prior to the acquisition. The plan did not, however, identify or otherwise address any potential future liabilities that might arise. The sale was confirmed and the confirmation order enjoined all creditors or claimants from pursuing any claims against the property of the estate. Three years after confirmation, a FAC plane that had been built and sold prior to the bankruptcy crashed, killing four people. FAI was named as a defendant in resulting lawsuits under a successor-liability theory. FAI then filed an adversary proceeding in bankruptcy court seeking declarative and injunctive relief and moved for summary judgment.
Rule of Law
Holding and Reasoning (Clark, J.)
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