Debtor's Power to Reject Executory Contract Trumps Counter-Party Debtor's Power to Assume Same Agreement

The expansive ability granted to debtors to assume or reject existing executory contracts is premised on the policy that debtors should have the ability to abandon burdensome obligations while retaining favorable ones ' all with the overriding goal of rehabilitation in mind. A look at the Noranda Bankruptcy.

12 minute read July 01, 2016 at 12:00 AM
By
Andrew L. Turscak, Jr. and James J. Henderson
Debtor's Power to Reject Executory Contract Trumps Counter-Party Debtor's Power to Assume Same Agreement

Among the various rights and protections afforded by the Bankruptcy Code to a debtor-in-possession, one of the most potent is the debtor's broad authority to assume or reject existing executory contracts and unexpired leases.

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