Case No. BKY 05-30073.United States Bankruptcy Court, D. Minnesota.
June 22, 2005
John C. Thomas, Esq., Chris Lenhart, Esq., Dorsey Whitney LLP, Minneapolis, Minnesota, Attorneys for the Banks.
Stephen M. Mertz, Esq., Faegre Benson LLP, Minneapolis, Minnesota, Attorneys for the Senior Noteholders.
Michael L. Meyer, Esq., Ravich Meyer Kirkman McGrath Nauman, P.A., Minneapolis, Minnesota, Attorneys for the Asbestos Claimants Committee.
James L. Baillie, Esq., Fredrikson Byron, P.A., Minneapolis, Minnesota, Attorneys for the Debtor.
SECOND STIPULATION REGARDING CONTINUED USE OF CASH COLLATERAL BY CONSENT
GREGORY KISHEL, Bankruptcy Judge
This Stipulation and Agreement (“Stipulation”) is entered into by and among A.P.I. Inc. (the “Debtor”), LaSalle Bank National Association (“LaSalle”), Wells Fargo Bank National Association (together with LaSalle, the “Banks”), and Massachusetts Mutual Life Insurance Company, C.M. Life Insurance Company, Pacific Life Insurance Company, United of Omaha Life Insurance Company, Companion Life Insurance Company, Thrivent Financial for Lutherans and Nationwide Life Insurance Company (collectively, the “Senior Noteholders”), and the Asbestos Claimants Committee (the “Committee”).
A. On January 6, 2005 (the “Petition Date”), the Debtor filed the above-referenced petition for relief under Chapter 11 of the Bankruptcy Code. Pursuant to Sections 1107 and 1108 of the Bankruptcy Code, the Debtor retained possession of its assets and continues to operate its business as debtor-in-possession.
B. On May 11, 2005, the Court entered an Order Authorizing Continued Use of Cash Collateral (the “Order”).
C. Pursuant to Paragraph 7 of the Order, the stipulations and findings set forth in Recital C of the Order and the provisions of Paragraph 6 of the Order are binding on all parties-in-interest in the cases and their respective successors and assigns, including any trustee,
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subject only to the right of the Committee to file and serve an appropriate pleading objecting to or contesting such stipulations, findings or provisions on or before July 11, 2005.
D. Paragraph 10 of the Order authorizes the Debtor’s right to use cash collateral until July 11, 2005 “unless the Banks, Senior Noteholders and Debtor agree in writing to a further 30-day extension in which case the Order will terminate on August 10, 2005.”
ACCORDINGLY, IT IS HEREBY ORDERED, ADJUDGED, DECREED AND, ASAPPLICABLE, STIPULATED:
1. Each of the Banks and the Senior Noteholders has consented to a 30-day extension, to August 10, 2005, of the Debtor’s continued use of Cash Collateral on the terms and subject to the conditions set forth in the Order, including, but not limited to, the granting of Replacement Liens (as defined therein) as set forth in Paragraph 2 of the Order.
2. Each of the Committee, the Banks, the Senior Noteholders and the Debtor has consented to an extension of the time for the Committee to file and serve an appropriate pleading objecting to or contesting the stipulations and findings set forth in Recital C of the Final Order and the provisions of Paragraph 6 of the Final Order to August 10, 2005.
3. Any further request for the use of cash collateral shall be on not less than 14 days notice to the Banks and the Senior Noteholders.
SO ORDERED, ADJUDGED, DECREED AND STIPULATED.
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Interim Order Prepared and Consented to by:
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I, Judy Brooks, hereby certify that I am judicial assistant to Gregory F. Kishel, Chief Bankruptcy Judge for the District of Minnesota; that on June 22, 2005, true and correct copies of the annexed:
ORDER
were placed by me in individual official envelopes, with postage paid; that said envelopes were addressed individually to each of the persons, corporations, and firms at their last known addresses appearing hereinafter; that said envelopes were sealed and on the day aforesaid were placed in the United States mails at St. Paul, Minnesota, to:
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