DISTRESSED DAILY: Lawmakers Drill Down on Bankruptcy Reform

Venue shopping and so-called non-debtor releases got a scathing welcome on Capitol Hill on Wednesday, underscoring the increasing political pressure facing two mainstays of modern bankruptcy law.

Lawmakers fielded calls for reform on the finer points of federal bankruptcy law in a day of dramatic testimony from participants including a former U.S. Olympic gymnast and a mother whose son died of a heroin overdose. They, along with Connecticut Attorney General William Tong, spoke in support of new legislation that would drastically narrow the kinds of litigation releases at issue in mass tort bankruptcies like that of Purdue Pharma LP ...