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Baseball Primer Newsblog — The Best News Links from the Baseball Newsstand Saturday, February 04, 2023MLB forms economic group as regional TV in peril
RoyalsRetro (AG#1F)
Posted: February 04, 2023 at 12:15 AM | 5 comment(s)
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1. The Duke Posted: February 04, 2023 at 05:10 PM (#6115733)In general, in bankruptcy, particularly Chapter 11, there are rules regarding executory contracts -- contracts that are ongoing. The Debtor is given a deadline to adopt, or reject those kinds of contracts. (The deadline is often extended). The other party cannot take any action until this is decided.
If the Creditor rejects the contract, the contract is over, and the other party has the right to seek its losses in the bankruptcy, alongside other creditors, which can mean payment at a high discount. If the Debtor adopts the contract, it must cure all breaches -- for example, bring its account current.
There are nuances for mortgages and such, but that is the main thrust of the law.
If the Creditor rejects the contract, the contract is over, and the other party has the right to seek its losses in the bankruptcy, alongside other creditors, which can mean payment at a high discount. If the Debtor adopts the contract, it must cure all breaches -- for example, bring its account current.
Is that first bit a typo and meant to be "Debtor?" Otherwise I am confused. Are these deadlines really so lax that Sinclair might get to broadcast a full season (for free) before being forced to accept/reject the contract?
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