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A "Relative" Large Chapter 11 Bankruptcy

In late July, Relativity Media filed for Chapter 11 Bankruptcy and Hollywood and bankruptcy enthusiasts alike are closely watching the case.  If you’re unfamiliar with the name, Relativity is the third largest mini-major film studio in the world with credits for producing titles (some with other production companies) like Limitless, Interns, Les Miserables, The Best of Me, Fast & Furious 6, and the TV show Catfish.  The company’s estimated assets are between $100 and $500 million with [...]

Executory Contracts in Business Bankruptcy

Business Bankruptcy Business bankruptcy, typically filed under Chapter 11 of the bankruptcy code, present a host of unique issues.   One of those issues is what happens to executory contracts.  What is an executory contract? Even though it has a large statutory section dedicated to them, the Bankruptcy Code does not explicitly define what an executory contract is.  However, courts routinely define such contracts in the same way.  Essentially, an executory contract is one where both parties [...]