Case No. 01-16034 (AJG), Jointly AdministeredUnited States Bankruptcy Court, S.D. New York.
May 8, 2003
ORDER AUTHORIZING AND APPROVING SETTLEMENT AGREEMENT AND MUTUAL RELEASE BY AND AMONG ENRON NORTH AMERICA CORP., ENRON SANDHILL LIMITED PARTNERSHIP, THE CITY OF AUSTIN, AND EPC ESTATE SERVICES, INC.
ARTHUR J. GONZALEZ, United States Bankruptcy Judge
Upon the motion dated April 30, 2003 (the “Motion”),[1] of Enron North America Corp. (“ENA”) and EPC Estate Services, Inc. f/k/a National Energy Production Company (“NEPCO”), as debtors and debtors in possession, for an order pursuant to Federal Rule of Bankruptcy Procedure 9019 approving a settlement agreement (the “Settlement Agreement”) by and among ENA, NEPCO, Enron Sandhill Limited Partnership (“Enron Sandhill,” and collectively with ENA and NEPCO, the “Developer Entities”), and the City of Austin, acting by and through its electric utility department, Austin Energy (“Austin Energy”) (collectively, the “Parties”) in satisfaction of the Parties’ obligations under certain contracts, agreements and arrangements; and the Court having reviewed the Motion and having determined that granting the relief requested is in the best interest of the Debtors, their estates, and creditors and is a proper exercise of the Debtors’ business judgment; and it appearing that proper and adequate notice of the Motion has been given under the circumstances and that no other or further notice is necessary; and upon the record herein; and upon the representations of counsel present at the hearing; and after due deliberation; and good and sufficient cause appearing therefor, it is hereby
ORDERED that the Motion is granted; and it is further
ORDERED that the Debtors are authorized to enter into and consummate the Settlement Agreement attached hereto as Exhibit “A”; and it is further
ORDERED that the Debtors may take such actions and execute such documents as are necessary to consummate the settlement as provided in the Settlement Agreement; and it is further
ORDERED that except to the extent required to repay the DIP Obligations[2] pursuant to and in accordance with the Final Order and the Documents, all proceeds received by the Debtors in connection with the settlement shall be retained by the Debtors and neither disbursed nor used until the earlier to occur of (i) agreement by and between the Debtors and the Creditors’ Committee with respect to the release of such proceeds and (ii) further order of this Court; and it is further
ORDERED that this Court shall retain jurisdiction to hear and determine all matters arising from the implementation of this Order.