In a key victory for Delaware state’s bankruptcy practice, the U.S. Senate approved an overhaul of the federal Bankruptcy Code last week without tacking on a provision that would have drained away from the state’s Chapter 11 reorganizations that are a staple for the local bar.

Still, the threat isn’t over. The next hurdle is a conference committee, in which negotiators from the Senate and House of Representatives will stitch together bankruptcy legislation from the versions passed by each chamber. While the Senate bill is free of anti-Delaware language, the House bill is not.

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