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In re Exide Technologies, 08-1872

In re: Exide Technologies, 08-1872

Issued June 01, 2010

Heard in U.S. 3rd Circuit Court of Appeals

Summary In a Chapter 11 case, the District Court’s affirmance of the Bankruptcy Court’s grant of Debtor’s motion to reject an agreement to sell substantially all of its industrial battery business on the ground that the agreement was an executory contract, subject to rejection under 11 U.S.C. section 365(a), and that rejection terminated the debtor’s obligations under it, is vacated and remanded as: 1) the agreement is not an executory contract because it does not contain at least one ongoing material obligation for the other party; and 2) because the agreement is not an executory contract, the debtor cannot reject it. Read More

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