Executory Contracts

News & Analysis as of

Selected Drafting Issues In Midstream Contracts

I will share a small secret – or perhaps, it is not a secret at all. As CLE presentations go, “drafting tip” presentations tend to be very practical in their orientation and are, therefore, more enjoyable and less stressful...more

Switzerland Is the First Country to Lift Some Sanctions on Iran

Certain US sanctions on Iran may be lifted mid to late 2016 or even later. On August 13, Switzerland became the first country to formally lift certain sanctions on Iran, following the announcement of the Iran nuclear...more

Our customer has filed bankruptcy but demands that we continue to extend trade credit! Are we obligated to do so?

Trade creditors often face the issue of whether they are required to continue providing goods or services on credit to a customer that has filed chapter 11 bankruptcy. Unfortunately, the Bankruptcy Code fails to specifically...more

Medicare Jurisdictional Bar Limits Bankruptcy Court Authority in Health Care Bankruptcy

In an opinion dated June 26, 2015, the U.S. District Court for the Middle District of Florida ruled that the bankruptcy court administering the Bayou Shores SNF, LLC (“Debtor” or “Bayou Shores”), chapter 11 proceeding lacked...more

Joint Plan of Action Regarding Iran's Nuclear Program Announced

US sanctions are not immediately lifted due to the announcement. On July 14, the United States, European Union, United Kingdom, France, China, Russia, and Germany (P5+1/E3/EU+3 countries) and Iran reached a Joint...more

Manufacturing Contracts in Distress

The automotive industry has recently enjoyed a strong period of sales growth and productivity. But even during this period, some manufacturers and raw materials suppliers continue to face pressures presented by financially...more

Overview and Analysis of Select Provisions of the ABI Chapter 11 Reform Commission Final Report and Recommendations - Part Three...

Earlier this year, Orrick’s Restructuring team began a three-part look at the American Bankruptcy Institute’s Chapter 11 Reform Report. In part one we looked at issues related to confirmation, valuation, financing and asset...more

Overview and Analysis of Select Provisions of the ABI Chapter 11 Reform Commission Final Report and Recommendations - Part Two of...

Last month, Orrick’s Restructuring team began a three-part look at the American Bankruptcy Institute’s Chapter 11 Reform Report. In part one we looked at issues related to confirmation, valuation, financing and asset sales....more

Leases and Bankruptcy

WHEN THE TENANT FILES BANKRUPTCY I. Before the Bankruptcy is Filed. The Bankruptcy Code, found at 11 U.S.C. §§ 101, et seq., creates a category of rights known as “executory contracts.” An executory contract, in...more

“Crumbs” of Hope for Trademark Licensees

You are a trademark licensee, and your licensor suddenly declares bankruptcy. Then, to make matters worse, the bankruptcy trustee rejects your licensing agreement. What does this mean for you? Although intellectual...more

New Jersey Bankruptcy Court Extends Unusual Protection to Trademark Licensees Under Section 365(n)

A recent Bankruptcy Court decision in New Jersey took an unusual approach in determining the rights of the debtors’ trademark licensees following the debtors’ rejection of the licenses as executory contracts. In In re Crumbs...more

How is litigation involving spouses handled in Arizona? [Video]

Phoenix business law firm Jaburg Wilk Shareholder Roger Cohen discusses how litigation involving spouses is handled in Arizona. For more information visit www.jaburgwilk.com. ...more

New Jersey Bankruptcy Court Decision Protects Rights of Trademark Licensees - "Free and Clear" Sale of a Trademark or Intellectual...

The United States Bankruptcy Court for the District of New Jersey issued an opinion in In re Crumbs Bake Shop, Inc., No. 14-24287-MBK that provides significant protections for trademark licensees. The opinion was issued on...more

Rejecting Related Contracts: When Can You Pick and Choose?

In re Trinity Coal Corp., 514 B.R. 526 (Bankr. E.D. Ky. 2014) – The debtors sought to reject easement and disposal agreements with the owners of adjacent coal mines. The adjacent owners objected on the basis that the...more

Blog: California Bankruptcy Judge Rules that State Law Does Not Protect Pension Fund from Municipal Bankruptcies

On October 1, a bankruptcy judge ruled that the pension agreement between Stockton, California and Calpers, California’s massive state-run pension fund for public employees, is an executory contract that can be rejected in...more

Bankruptcy and Intellectual Property: Trademark Licenses, Chapter 15, and Pending Legislation

Introduction - Recent cases have addressed the interplay between intellectual property and bankruptcy, including trademark licenses and Section 365(n)’s application in Chapter 15 cases. Proposed legislation could...more

Where Bankruptcy Law and Intellectual Property Law Intersect

The intersection of bankruptcy law and intellectual property law is not a very nice neighborhood. Anyone dealing with intellectual property license agreements must think about how these agreements are affected if one party to...more

July 2014: Bankruptcy and Restructuring Update

Intellectual Property Licenses in Bankruptcy—Uncertainties Remain Following the Eighth Circuit’s En Banc Decision in Interstate Bakeries. The bankruptcy of a party to an intellectual property license presents serious...more

What and How You Sign a Contract Matters

Needing a sales boost for his new line of fashion catheters, Sy Noff, owner and President of Med, Inc., retains advertising gurus Draper & Olson. Their contract provided for signature by Sy Noff as “President and CEO” of “Med...more

Points & Authorities - Summer 2013: The Entertainment Issue

In This Issue: - It’s Always Something: The Repeated Assaults on Licensee Rights in Bankruptcy - Clearance: Start Early and Avoid the Clutter - New Faces - Points from the President - The...more

Integrating Foreign Currency Hedges With Respect To Stock Purchase And Sale Agreements

Investment funds that invest globally must deal with volatility in the currency in which they agree to invest. Investment funds entering into obligations to purchase stock in a currency other than the primary currency of the...more

Bankruptcy 101 for Intellectual Property Licenses

Generally, license agreements are “executory contracts” in bankruptcy. Executory means performance is due from both sides. When a party to an executory contract becomes a debtor in bankruptcy, it may either reject or assume...more

The Limited Liability Company and Bankruptcy Code

This K&L Gates Legal Insight highlights certain potential bankruptcy and insolvency issues that clients and legal practitioners should take into account when forming a limited liability company (“LLC”) under state law. These...more

TRANSACTIONAL: Financial Restructuring: Oil and gas "leases" and farmout agreements in bankruptcy proceedings

Most people think of an oil and gas mineral “lease” as, so named, a lease. However, this common thinking is not necessarily accurate, both with respect to state and federal law and in particular in the bankruptcy courts in...more

Bill on Bankruptcy: Junk Debt Interest Rates at 30-Year Low  [Video]

Jan. 30 (Bloomberg) -- Interest rates for junk debt reached a 30-year low in the last week, as Lee Pacchia and Bloomberg News bankruptcy columnist Bill Rochelle discuss on their new video. Financially struggling companies...more

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