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Section 365(a) of the Bankruptcy Code permits a debtor or trustee, subject to bankruptcy court approval, to reject an executory contract and release the debtor’s estate from burdensome contractual obligations that may impede the debtor’s successful reorganization. Section 365(n) sets forth a provision that affords special protection to licensees of “intellectual property,” as that term is defined by Section 101(35A) of the Bankruptcy Code. The provision allows such licensees, in the event of rejection, to make an election to retain their rights to the debtor’s intellectual property, subject to certain requirements and conditions set forth therein.

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