IN RE CITATION CORPORATION (Bankr.N.D.Ala. 2005)

IN RE: CITATION CORPORATION, et al.,[1] Chapter 11, Debtors.

Case No. 04-08130-TOM-11.United States Bankruptcy Court, N.D. Alabama, Southern Division.
August 2, 2005.

[1] In addition to the Citation Corporation, the Debtors include the following entities: (i) Citation Holding Company, (ii) Berlin Foundry Corporation, (iii) Bohn Aluminum, Inc., (iv) Castwell Products, Inc., (v) Citation Precision, Inc., (vi) HI-TECH, Inc., (vii) Iroquois Foundry Corporation, (viii) ISW Texas Corporation, (ix) Mansfield Foundry Corporation, (x) OBI Liquidating Corp., (xi) Texas Steel Corporation, (xii) TSC Texas Corporation, (xiii) Citation Aluminum, LLC, (xiv) Citation Castings, LLC, (xv) Citation Grand Rapids, LLC, (xvi) Citation Lake Zurich, LLC, (xvii) Citation Michigan, LLC, (xiii) Citation Wisconsin Forging, LLC, (xix) Citation Wisconsin, LLC, (xx) ITM Holding Co., LLC, (xxi) Interstate Southwest, Ltd., (xxii) Texas Foundries, Ltd., (xxiii) MFC Liquidating Company, Ltd., and (xxiv) Citation Camden Casting Center, Inc.

ORDER APPROVING COMPROMISE BETWEEN DEBTORS AND PRECISION DRIVE CONTROL, INC.
TAMARA MITCHELL, Chief Judge, Bankruptcy

This matter came to be heard upon the motion (the “Motion”) of Citation Corporation (“Citation”), its holding company, and certain of its direct and indirect subsidiaries (the “Subsidiaries”), as debtors and debtors in possession (collectively, the “Debtors”), for authorization to enter into a settlement agreement with Precision Drive Control, Inc. (the “PDC”) pursuant to Rule 9019 of the Federal Rules of Bankruptcy Procedure (the “Bankruptcy Rules”); the Court having jurisdiction to consider the Motion and the relief requested therein in accordance with 28 U.S.C. §§ 157 and 1334; due notice of the Motion having been provided to all parties on the Master Service List and counsel for PDC; and it appearing that no other or further notice need be provided; the Court having determined that the relief sought in the Motion is in the best interests of the Debtors, their creditors, and all parties in interest; upon the Motion and all of the proceedings before this Court; and after due deliberation and sufficient cause appearing therefor, it is hereby

ORDERED that the Motion is GRANTED; and it is further

ORDERED that the terms of the stipulation between the Debtors and PDC attached to the

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Motion (the “Stipulation”) are approved; and it is further

ORDERED that Claim No. 2247 shall constitute an allowed Class 5 general unsecured claim in the amount of $11,984.60 and an allowed administrative expense claim in the amount of $425.85 and it is further

ORDERED that Claim No. 2248 shall constitute an allowed Class 5 general unsecured claim in the amount of $17,244.02 and an allowed administrative expense claim in the amount of $2,882.80; and it is further

ORDERED that Claim No. 2228 shall constitute an allowed Class 5 general unsecured claim in the amount of $10,450.06 and an allowed administrative expense claim in the amount of $192.24.