What if Kite can't legally use the data for alternative purposes? I don't think disavowing a contract via a bankruptcy would let a company sell assets they don't own.
So Kite should be able to avoid this fear by asking only for limited license. For example, a license can expire after 1 year, or be untransferable (or perhaps expire at bankruptcy?).
Facebook does this to some extent: "This IP License ends when you delete your IP content or your account unless your content has been shared with others, and they have not deleted it."
Here's what Heroku does: "Heroku claims no ownership or control over any Content or Application. You retain copyright and any other rights you already hold in the Content and/or Application, and you are responsible for protecting those rights, as appropriate. By submitting, posting or displaying the Content on or through the Heroku Services you give Heroku a worldwide, royalty-free, and non-exclusive license to reproduce, adapt, modify, translate, publish, publicly perform, publicly display and distribute such Content for the sole purpose of enabling Heroku to provide you with the Heroku Services. [...]"
(IANAL)