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What to Do When an Entertainment Industry Licensee or Licensor Files for Bankruptcy
Legal uncertainty abounds for entertainment industry licensees and licensors when their license counterparties enter the murky waters of bankruptcy. When a licensor hits the skids, a licensee's two primary concerns should include: 1) whether the protections afforded by Bankruptcy Code '365(n) are available if the debtor-licensor rejects the license; and 2) protecting its rights if the debtor-licensor seeks to sell the intellectual property. By contrast, when a licensee considers filing for bankruptcy, it must consider whether it can assume or assign the license.
Reject, Assume or Assign?
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