It is standard in bankruptcies to dissolve existing contracts (after all, the point of bankruptcy is that you can't fulfil all of your existing contractual obligations). So it's not surprising on face that privacy policies would be included in this.
(This is distinct from "selling / buying the company" which usually means assuming all obligations).
For a class of contractual obligation to be "special" in the context of bankruptcy you typically need some kind of legislative protection (some states have rules about "outstanding payroll gets paid first", student loans are nondischargable, etc). Or some kind of bankruptcy cour ruling that liquidating the assets in this way would be somehow inefficient or against the public interest, which looks like how the FTC is approaching it. But in a circumstance where a huge portion of the business's assets were "private information", I could see a bankruptcy court ruling the other way - this doesn't necessarily establish binding precedent.
(This is distinct from "selling / buying the company" which usually means assuming all obligations).
For a class of contractual obligation to be "special" in the context of bankruptcy you typically need some kind of legislative protection (some states have rules about "outstanding payroll gets paid first", student loans are nondischargable, etc). Or some kind of bankruptcy cour ruling that liquidating the assets in this way would be somehow inefficient or against the public interest, which looks like how the FTC is approaching it. But in a circumstance where a huge portion of the business's assets were "private information", I could see a bankruptcy court ruling the other way - this doesn't necessarily establish binding precedent.