In an 8-1decision issued on May 20, the Supreme Court held that rejection of an executory trademark license agreement in a bankruptcy of the licensor is merely a breach, and not a termination or rescission, of the agreement. The licensee retains whatever rights it would have had upon a breach of the agreement prior to bankruptcy and can continue to use the trademarks pursuant to its contractual rights under applicable law. Mission Product Holdings, Inc. v. Tempnology, LLC, 587 U.S. ___, No. 17-1657 (May 20, 2019).

Background

Law Decree No. 83/2012, providing “Urgent Measures for the Country's Development”

Law Decree No. 83 of 22 June 2012 (the “Decree”), effective as from 26 June 2012 and converted into law with amendments1, has introduced important measures aimed at stimulating the Italian economy (also referred to as “Decreto Sviluppo”).

The Decree, consisting of seventy articles, sets forth a heterogeneous set of rules, including, among other provisions, significant amendments to the Italian Bankruptcy Law.2