Ability to assume a contract over the objections of third party beneficiaries or counterparty that is not subject to U.S. personal jurisdiction.

(Excerpt)Under Title 11 of the United States Code (the "Bankruptcy Code"), a trustee or a debtor in possession may assume or reject any executory contract and unexpired leases subject to court approval. If a debtor rejects a contract, they breach the agreement. After rejection, neither party is obligated to continue performance, and the counterparty has a general unsecured claim against the debtor. If a debtor assumes an executory contract, then the parties continue to act in accordance with the terms of the contract. To assume a contract, a debtor must cure any defaults, compensate the counterparty for any pecuniary loss, and provide adequate assurance for future performance under the contract. When a debtor fails to cure the default, the counterparty retains the right to assert a cure claim, enabling them to prevent assumption until the debtor remedies the default.This memo analyzes the ability of a court to approve the assumption of an executory contract under two particular circumstances. Part I will discuss when a third party may assert a cure claim. Part II will evaluate when a bankruptcy court can approve the assumption of a contract when the counterparty is not subject to the personal jurisdiction of the court.