One of the most fundamental privileges under the Bankruptcy Code to a business, individual or bankruptcy trustee is the statutory right to assume or reject an unexpired lease or contracts that are determined to be “executory” in nature.
In a closely watched proceeding involving business interests affected by the volatility of the oil and gas marketplace, a U.S. Bankruptcy judge in New York in In re Sabine Oil & Gas recently authorized the rejection of gas gathering and handling agreements by the debtor corporation over the objections of the pre-bankruptcy contracting parties, saving the company as much as $115 million.
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