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Midstates Petroleum Company Objections Filed

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Multiples parties – including Harris County, Seismic Exchange (SEI), Oracle America, Triple F Oilfield Services, the Texas Taxing Entities, Mewbourne Oil Company, Molpus Woodlands Group and Production Specialists – filed with the U.S. Bankruptcy Court separate objections to Midstates Petroleum Company’s First Amended Joint Chapter 11 Plan of Reorganization.

SEI asserts, “SEI’s License Agreements are, or contain, a non-exclusive licenses of intellectual property that are not assignable absent SEI’s written consent, pursuant to both the underlying License Agreements and applicable law.  SEI provides the Debtors with highly sensitive, highly confidential, copyrightable and copyrighted seismic data. It is well-settled that federal law makes non-exclusive copyright licenses non-assignable absent consent of the licensor….The License Agreements cannot be assumed and assigned under 11 U.S.C. section 365(c)(1) without SEI’s written consent. SEI does not consent to any assumption and/or assignment of any of the License Agreements at this time. SEI also objects to any attempt by the Debtors to assume any particular contracts or schedules without also assuming the underlying License Agreement. If Debtors seek to assume one or more of the License Agreements, they must be assumed in their entirety.”

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The post Midstates Petroleum Company Objections Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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