Bankruptcy Roundup: Supreme Trademarks

May 30, 2019 - Last week the LSTA hosted the seventh installment of its quarterly webinar roundup of Recent Developments in Bankruptcy Law.  As usual, Rich Levin of Jenner & Block focused on a number of key recently-decided bankruptcy cases that raised issues of importance to loan market participants.  Serendipitously, an important bankruptcy issue was resolved the very morning of the webinar by the US Supreme Court and that case, Mission Product Holdings, was a primary focus of the session.  As Davis Polk explained in a recent memo, the Court resolved a Circuit Court split, holding that the rejection of a trademark license by a debtor-licensor under Section 365 of Chapter 11 of the U.S. Bankruptcy Code operates not as a rescission of the license but as a breach of the license agreement and, following any such rejection, the licensee can continue to use the licensed trademarks in accordance with the license agreement.  The webinar also covered cases involving the treatment of forward contracts, municipal revenue bonds, proceeds of collateral, and other issues.  A replay of the webinar, the slides and the associated notes are available here.

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