This is why Court documents matter more than opinions Following the filing of the Chapter 11 Case, Debtor determined, in its business judgment
and pursuant to Section 365(a), to reject the Sponsorship Agreement and filed its Motion for Order
Authorizing Rejection of Sponsorship Agreement [ECF No. 48] (the “Rejection Motion”) on April 27,
2023.
17. Following the filing of the Rejection Motion, counsel for PBR contacted Debtor and the
parties negotiated a stipulation regarding the Rejection Motion. That stipulation [ECF No. 60]
(“Stipulation”) was filed on May 11, 2023 and provides in pertinent part that: (i) the parties have agreed
to the rejection of the Sponsorship Agreement, effective the date of filing of the Motion, April 27,
2023; (ii) all rights to future performance by the Parties under the Sponsorship Agreement shall be
extinguished with claims against each other surviving (subject to the terms of the Stipulation); and (iii)BR waives any administrative claim it may have against Debtor for the marketing value it has
allegedly provided since the petition date of February 17, 2023.
18. This Court approved the Stipulation on May 12, 2023. See ECF No. 61.