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Real Industry Bankruptcy Objection Filed

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Oracle America filed with the U.S. Bankruptcy Court an objection to Real Industry’s motion for an order establishing bidding procedures relating to the sale of assets, establishing procedures in connection with the selection and protections afforded to any stalking horse bidders and scheduling a hearing to consider the proposed sale.

The objection asserts, “Oracle objects to the proposed assumption and assignment: First, the targeted Oracle agreements are, or pertain to, one or more licenses of intellectual property which are not assignable absent Oracle’s consent, pursuant to both the underlying license agreements and applicable law. Second, the Amended Cure Notice does not provide a complete description of the contracts the Debtors seek to assume and assign and fails to describe certain active contracts between Oracle and the Debtors. Third, based on the limited information provided by the Amended Cure Notice, Oracle is unable to determine the accuracy of the Debtors’ proposed cure amount.”

In addition, “Finally, the Sale Motion does not provide Oracle with sufficient information to determine whether the purchaser/assignee is capable of performing under the terms of the contracts the Debtors seek to assume and assign. Accordingly, Oracle requests that the Court deny the Sale Motion solely to the extent it seeks authority for the Debtors to assume and assign any Oracle agreements in the absence of Oracle’s consent.”

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